Nigeria is expected to be the fastest-growing hospitality market from a revenue perspective over the next five years with a projected 14.7 per cent compound annual increase in revenue, PwC stated in the 7th edition of its ‘Hotels Outlook: 2017-2021.’
According to the report , the country was expected to benefit from an improving economy, continued growth in domestic tourism, and expansion in the number of available rooms.
“Nigeria is projected to be the fastest-growing market from a revenue perspective over the next five years. This is mainly due to an improved economy, continued growth in domestic tourism, and expansion in the number of available rooms.
“Overall hotel room revenue is expected to expand at a 14.6 per cent, compound annual rate to US$517 million (R7.6 billion) in 2021 from US$261 million (R3.8 billion) in 2016,” the report added.
The PwC report stated that the outlook for the hospitality industry for 2017 was positive with an increase in the number of international visitors to South Africa expected.
