Hotel: Nigeria second in Africa for investment in 2023

The hotel chain development pipeline Africa report, according to the W Hospitality Group says “West Africa has the main pipeline activity with 20,624 rooms (46 per cent of the regional total), followed by East Africa with 29 per cent.

The six sub-Saharan African countries in the top 10 account for 54% of the region”.

Nigeria is seeing a surge in hotel investment. According to the W Hospitality Group report titled Hotel Chain Development Pipeline Africa, it has been ranked second-highest in Africa.

The hotel industry in Africa is growing rapidly, and several factors, including increasing tourism, rising incomes, investment in infrastructure, and an attractive investment climate, are driving this.

The following are the top 10 African countries with the biggest hotel investments in 2023:

These investments are being driven by several factors, including:

Growing tourism: Africa is one of the fastest-growing tourist destinations in the world. In 2023, over 100 million tourists are expected to visit Africa, up from 70 million in 2022.

Rising incomes: The middle class in Africa is growing rapidly, leading to increased demand for hotel accommodation.

Investment in infrastructure: Governments across Africa invest heavily in infrastructure, such as airports, roads, and railways. This is making it easier for tourists to travel to and around Africa.

Attractive investment climate: The investment climate in many African countries is improving, making them more attractive to hotel investors.

The hotel investments in these top 10 African countries are expected to create jobs, boost economic growth, and improve the tourism experience for visitors.