Solution for the Finance Problem of Nigerian Hotel Business

Hotels are considered one of the most important economic components of any community. In some cases, urban areas and regions will offer incentives in order to stimulate hotel advancement. These motivations can be as tax reductions, positive land leases, or help with financing. Prior to establishing incentives for hotel development, a city or district should direct a financial effect concentrate to evaluate the economic benefits that result from the advancement.

There is a rapid expansion in the number of hotel rooms in Nigeria which indicates the growing economy and favorable investment climate says the host of the West African Property Investment (WAPI) Summit. With more than 9,603 rooms across 57 hotels planned by the world’s leading hotel brands, the country has many developers, investors and operators queuing up to strike deals across the country.

But in reality, just 4000 hotel rooms are being developed. The paradox is that while deals have been signed between operators and developers, the funding environment remains compressed and the biggest challenge to overcome. There is no shortage of projects and developers. But the shortage is in finance supply. If the projects could be funded properly, the present condition might improve a lot. Now the question is how the country can find the fund required.

A key policy objective of sustainable economic development, particularly in any developing nation like Nigeria, is to build up energy development paths that are both economically efficient and sustainable which depends significantly on full utilization of such resources.

Airbnb’s presence has increased the credibility of the product as an option for many users. In the Airbnb report, there are presently more than 100,000 homes across Africa recorded on Airbnb, and there have been more than 2 million visitor entries to these homes by means of Airbnb. Airbnb helps in truly explore the continent in ways hotels and tourist hotspots can never achieve.

Originally published on Africa Business

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