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Nigeria’s Hospitality Sector Revenue Rises to $2.61bn by 2029
Nigeria’s hospitality industry is projected to grow significantly, with estimated revenues reaching $2.61 billion by 2029.The expected growth might be fueled by domestic tourism, short-let accommodations, and renewed investment activity, the 2025 Nigeria Real Estate Report by Ubosi Eleh & Co has said.
The report highlights a dynamic market outlook, with over 18. 78 million projected users in the hotel segment by 2029. “The hospitality industry continues to show strong potential for growth, having recovered steadily from the Covid-19 downturn,” the report noted. It added that increased living costs and inflation have pushed hotel room rates higher, with a further 5–10% rise anticipated in major establishments.Citing data from Statista, the report revealed that the sector’s revenue is expected to hit $1.67 billion by 2025, growing annually at 11.75% between 2025 and 2029. In-person conferences, seminars, and events which had slowed during the pandemic have returned in full force, bringing renewed business to hotels and event venues.Lagos remains Nigeria’s hospitality hub, boasting over 3,300 hotels and an estimated 70,000 available rooms. International hotel brands reportedly enjoy greater patronage. BON Hotels, with 10 hotels already in operation, plans to open 22 additional locations across cities including Kano, Ibadan, Warri, Asaba, and Port Harcourt.The report also pointed to the rapid expansion of the short-let market, particularly in Lagos, Ibadan, and Abuja. Airbnb-style accommodations are now widely available, with prices soaring up to N600,000 per night in premium areas like Ikoyi and Victoria Island.However, this growth comes with complications. Many structured residential estates are increasingly resistant to short-let operations within their premises due to concerns over security and disturbances caused by short-term tenants. Moreover, the hospitality sector is largely informal and unregulated, relying heavily on word-of-mouth, referrals, and online listings. The lack of comprehensive data and oversight poses challenges for quality control and planning.The report also flagged a shortage of trained personnel as a persistent hurdle. Many hospitality establishments lack adequately trained staff, as formal hospitality training institutions largely disappeared in the 1990s and early 2000s. While some higher institutions offer hospitality courses, most hotels now rely on in-house training programs. The report noted an untapped opportunity for investment in professional hospitality training facilities.Despite these issues, the report maintains a cautiously optimistic outlook. It predicts continued growth, but also anticipates that some hotels—especially those in poor locations or with mismanagement—may be forced onto the sales market due to declining profitability amid inflationary pressures.An increasingly important seasonal trend is the so-called “Detty December” phenomenon—a period during the Christmas and New Year holidays when Nigerians in the diaspora and foreign tourists return in droves. This surge leads to near-total bookings of hotels and short-lets across major cities between November and January.“This end-of-year rush has created its own economy,” the report observed. “Detty December has become a brand of its own, growing stronger each year and driving demand throughout the hospitality value chain.”While opportunities abound in Nigeria’s hospitality industry, realizing its full potential will require addressing informality, staff training, and better regulation.Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
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NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
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Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


