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The Association of Fast-Food Confectioners of Nigeria (AFFCON), has stated that Nigeria’s organized fast-food industry is estimated at $602.5 million, and has been growing at a 10% annual rate in recent years.
The statement further explained that Quick Service Restaurants (QSRs) in Nigeria, also known as fast-food restaurants, have come a long way, adding that since the first QSRs launched in the 1960s, under UAC Nigeria Plc, as little stands selling snacks, they have since evolved, “in 1973, they expanded under the name Kingsway Rendezvous, and Nigeria opened its doors wide to other QSR players.” The Managing Director of Freddy Hirsch Nigeria and West Africa, Kojo Brifo, in the statement said QSRs provide a wide range of fast-food options, including regional and international cuisines, stating that the food service establishment serves food and beverages quickly and efficiently, often with minimal table service. More details at: https://www.thisdaylive.com/index.php/2023/01/18/nigerias-organized-fast-food-industry-is-estimated-at-n250-billion-602-5-million
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The World Travel & Tourism Council’s Economic Impact Report (EIR) has revealed that Nigeria’s travel and tourism sector’s contribution to GDP is forecast to grow at an average rate of 5.4 per cent between 2022-2032. According to a report by APO, after many months of low or no growth, the Nigerian hospitality industry is gearing up to take advantage of good future opportunities. However, customers now prefer to browse, research, and transact online and hotels must ensure they can offer their foreign customers as many digital payment methods as possible.
The report goes on to point out that this will boost the sector’s contribution to GDP to nearly $27.8 billion by 2032, which represents 4.9 per cent of the total economy. According to the report, travel and tourism companies hoping to benefit from this growth, especially when it comes to lucrative international business tourism, must take a closer look at digital payment options as part of their competitive offering. More details at: https://www.newtelegraphng.com/report-nigerian-hospitality-industrys-gdp-to-grow-at-5-4-rate In 2021, Nigeria spent about $1 billion on international travel despite and COVID-19 pandemic, which had a negative impact on the global economy. But 2022 half-year results from travel agencies have shown that Nigerians may spend more money on foreign travel.
Recently, the International Air Travel Association (IATA) noted that Nigeria is one of the countries that quickly bounced back on international travel post COVID-19 restrictions. IATA added that there are projections that in 2022, Nigeria would record about 4 million passenger traffic on international travel, compared to 2,219,146 recorded in 2021. More details at: https://www.thisdaylive.com/index.php/2022/06/10/nigeria-projected-to-spend-over-1-5bn-on-international-travel-in-2022/ The Regional Director for Africa, Radisson Hotel Group, Bert Fol, says the brand plans to expand its hotel business operations in Nigeria and other African countries from 100 to 150 hotels by 2025. He also said the company would double its presence and operations in Nigeria within the period.
According to him, Nigeria is among the company’s four focus countries on the continent and, as such, Radisson plans to aggressively increase its portfolio in the West Africa nation… More details through: https://punchng.com/radisson-targets-150-hotels-in-nigeria-others/ About 20 years later, the Radisson Hotel Group debuted in Africa with a single hotel, which was its flagship in the face of competition among other global brands on the continent then.
Today, the Group has grown its portfolio from one to almost 100 hotels in operation and under development in more than 30 countries across the continent, cementing the Group’s leading position as the hotel company with the largest active presence in the most countries across Africa… More details through: https://businessday.ng/arts-and-life/article/radisson-hotel-group-seeks-to-consolidate-presence-in-nigeria/ The US Mission in Nigeria has hailed the growing US-Nigeria commercial ties as Burger King expands to Nigeria. The US Mission Commercial Counselor, Jennifer Woods, welcomed the arrival of the iconic US brand in the country during the grand opening of Burger King’s first outlet in Nigeria, according to a statement.
Woods said, “With Africa’s largest economy and a sizable youth population that is connected to the world, US brands must consider Nigeria a critical market. And while these companies will benefit from expansion into Nigeria, so, too, will Nigeria benefit from their presence… More details through: https://punchng.com/us-hails-burger-kings-expansion-to-nigeria/ Kinglace unveils five-year expansion plan, opens ice cream bar alongside Burger King in Nigeria30/11/2021 A Russia company, Kinglace Ice Cream, has opened a new branch in Lagos as unveils its five-year expansion plan in the country.
In the next five years, the company hopes to open 60 new branches which it hopes would create 1000 direct jobs besides several ones. Speaking to The Guardian at the official launch of the branch of Kinglace as well as Burger King in Lagos, a shareholder of the firm, Roman Lola, explained its relationship with the iconic American brand, Burger King… More details through: https://guardian.ng/business-services/kinglace-unveils-five-year-expansion-plan-opens-ice-cream-bar-alongside-burger-king-in-nigeria/ Le Rambouillet, a California-based and luxury travel concierge company, has announced its intention to open its operations in Nigeria. The expansion is expected to ensue in the first quarter of 2022, and is already billed to provide hundreds of job opportunities for Nigerians.
Speaking for the organisation, Tope Raheem, Head of Corporate Affairs said; “This is a strategic move for Le Rambouillet and for our existing and potential clients in Nigeria. Moving to Nigeria will be playing a key role in our global strategy of expansion and growth, as well as our intention to contribute immensely to the Nigerian economy.” “We are hopeful that we will be able to replicate in Nigeria the same successful model we implemented in America, the United Kingdom, and the United Arab Emirates,” Tope said… More details through: https://www.sunnewsonline.com/us-travel-firm-le-rambouillet-expands-to-nigeria/ The Akwa Ibom State government has said its 146 rooms FourPoint Sheraton Hotels will begin operations this year.
The Director of Projects, Ministry of Special Duties, Engr. Ephraim Udosen, on Tuesday in Uyo said the multi-billion naira hotel located in Ikot Ekpene LGA is 97 per cent completed. The 12 floors edifice commissioned in 2015 was not completed before the commissioning, officials said. Udosen said modifications and upgrades in more than 50 key facilities and areas have been done to meet the standards of the hotel managers, Marriott, which has created a recruitment portal for the hotel… More details through: https://dailytrust.com/a-ibom-to-operate-146-room-hotel-this-year Burger King, an American quick-service restaurant (QSR) chain, has finally entered Nigeria with eye on the volume of in-store transactions that Africa’s most populous country offers. The QSR chain will open its first stores in the country by the third quarter of 2021…
More details through: https://businessday.ng/business-economy/article/counting-on-in-store-transactions-burger-king-berths-in-nigeria/ |
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