Key Takeaways
- As of 2022, Nigeria's hospitality sector included over 1,200 registered hotels, with Lagos State accounting for 45% of the total hotel stock nationwide.
- The total number of hotel rooms in Nigeria reached 52,340 by the end of 2023, marking a 7.2% increase from 2022.
- Five-star hotels in Nigeria numbered 28 in 2023, primarily concentrated in Lagos and Abuja, offering 4,500 luxury rooms.
- In 2023, Nigeria's hotel occupancy rate averaged 52.4% nationwide, with Lagos at 65.2%.
- Average daily rate (ADR) for hotels in Nigeria rose to NGN 45,000 in 2023, up 12% YoY.
- Revenue per available room (RevPAR) in Nigerian hotels reached NGN 23,500 in 2023.
- The hospitality industry in Nigeria generated NGN 1.2 trillion in revenue in 2023.
- Hotel revenue in Lagos alone contributed NGN 450 billion to national totals in 2023.
- Food and beverage (F&B) revenue in Nigerian hotels reached NGN 380 billion in 2023.
- Nigeria hospitality employed 450,000 direct workers in 2023, up 8% from 2022.
- Hotels accounted for 65% of hospitality jobs in Nigeria, totaling 292,500 positions in 2023.
- Lagos hospitality sector employed 180,000 people in 2023, 40% of national total.
- Nigeria hospitality market is projected to grow at 7.5% CAGR to USD 5.2 billion by 2028.
- Hotel room supply expected to increase by 25,000 units by 2027 in Nigeria.
- Occupancy rates forecasted to reach 65% by 2025 in major Nigerian cities.
Nigeria's hospitality industry is growing rapidly with rising occupancy and investment.
Employment and Workforce
Employment and Workforce Interpretation
Hotels and Room Supply
Hotels and Room Supply Interpretation
Market Trends and Projections
Market Trends and Projections Interpretation
Occupancy and Performance
Occupancy and Performance Interpretation
Revenue and Financials
Revenue and Financials Interpretation
Sources & References
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