Nigeria’s hospitality industry is poised for a significant boom, with a new report projecting the sector’s value to reach $2.61 billion by 2029. The forecast, released by global market research firm Statista, highlights a steady rise in demand for accommodation, dining, and tourism services across the country.
Currently valued at approximately $1.81 billion in 2024, the sector is expected to grow at an annual rate of 7.53%, driven by increased urbanization, rising middle-class incomes, digital booking platforms, and government efforts to promote domestic tourism.
The report emphasizes that Lagos, Abuja, and Port Harcourt remain the top contributors to the industry’s growth due to their business traffic and increasing leisure tourism activities. Analysts also noted a surge in short-let apartments and boutique hotels targeting younger travelers and business professionals.
Speaking on the development, hospitality consultant Adebayo Ogunyemi said the projected figures signal strong investor confidence. “If the infrastructure challenges can be addressed, Nigeria has the potential to become a top hospitality destination in Africa,” he said.
With the African Continental Free Trade Area (AfCFTA) agreement and increasing airline connectivity across the region, experts believe the coming years could redefine Nigeria’s position in the global tourism and hospitality map.
The report encourages stakeholders to focus on quality service delivery, digital transformation, and sustainable practices to maximize the potential gains in the coming years.
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