Nigeria’s soaring inflation is taking a heavy toll on the hospitality industry, with many hotels being forced to close, industry leaders warn.
Hoteliers are calling for government intervention to address the rising operational costs, highlighted by recent data from the National Bureau of Statistics showing that the hospitality sector contributed 0.40% to the country’s 32.7% inflation rate in September.
Dr. Patrick Anyanwu, President of the Nigeria Hotel Association, described the situation as “unbearable,” citing the surge in fuel prices from N800 to N1,200 per litre and rising energy costs. He added that inconsistent power supply and inflated electricity bills are making it even harder for businesses to survive.
Gbenga Sumonu, President of the Nigeria Hotel and Catering Institute, also noted that hyperinflation, high interest rates, and expensive materials have crippled operations across the sector.
Hoteliers are urging urgent government action to prevent further closures and support the struggling industry.
