Lagos - Nigeria's hotel market declined in the past year because of the health concerns in the wake of the Ebola virus and the incessant Boko Haram terror.
This according to findings by PricewaterhouseCoopers (PwC), the leading multinational professional services network.
PwC said room revenue declined by 2 percent and the three and four star hotel market took a knock as revenue fell 7,7 percent for the forecast period as a whole.
Occupancy rates fell in 2014 for the first time to 49,.8 percent and as development continues, rates are expected to fall further to under 3 percent.
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However, the industry is projected to bounce back over the next five years owing to major investments.
"Because of its strong economy, the hotel industry in Nigeria has attracted significant investment and the number of hotel rooms in Nigeria is expected to more than double during the next five years with much of the growth taking place in Lagos," PwC stated.
Several people lost their lives to the Ebola virus last year.
However, of greater concern has been the Boko Haram terror that has claimed the lives of more than 13 000 people and displaced about 2 million.
- CAJ News