According to stakeholders, the hospitality industry could experience a 400% surge in revenue within half a year by leveraging Foreign Direct Investment.
In an interview with NewsNow, Paul Onwuanibe, the Chief Executive Officer of Landmark Group, emphasized the attainability of a 400% increase in Foreign Direct Investment within the sector.
He asserted, “With Foreign Direct Investment being readily available, the hospitality industry, characterized by minimal infrastructure requirements and cost-effective employment, has exhibited resilience against significant impacts.
‘’Despite challenges such as poor infrastructure, the industry remains relatively unaffected. From an FDI perspective, with concerted effort and commitment, there is substantial potential to escalate FDI by 300-400% within six months. “
Similarly, Adaobi Nwanze, the Chief Legal Officer of Landmark Group, suggested rapid actions in the tourism sector to enhance tourist attraction and attract investments within a short timeframe.
She remarked, “Progress can happen swiftly. For instance, a beach resort developed in just nine months has emerged as a popular tourist destination, contributing to revenue generation.
“Our diversification strategy focuses on swiftly improving our immediate surroundings to appeal to foreign tourists.
“For example, Ghana’s success with ‘The Return’, where Black Americans explore their ancestral roots, has become a significant revenue stream. Ghana’s innovative approach, such as ‘December in GH’ with a 46-day visa-on-arrival period simplifying entry for visitors, further promotes tourism and economic growth.
“In essence, establishing a system that allows foreigners to enter without much hassle, how much money would that entail? We are abundantly blessed, and with very little money, there is a lot we can achieve.”
Over the past five years, Nigeria has experienced a notable decline in Foreign Direct Investments, with a decrease of $470.8m, as reported by the National Bureau of Statistics’ Capital Importation reports.
The report revealed an 89% decrease in the country’s FDI over five years, dropping from $530m in the third quarter of 2018 to $59.77m in the corresponding quarter of 2023.