MORE ROOMS PLEASE
Africa is in the middle of a hotel building boom that still won’t be enough for all its tourists
Despite faltering economic growth with the crash in commodity prices, the prospects for Sub-Saharan Africa’s hotel industry remain positive, with a demand growth rate of 3% to 5% in the next three years, a new report says.
The ongoing spike in demand is due to the progression in tourism trends, demographic growth, besides a low supply in room provisions across the continent. Some $1.7 billion will be invested in hotels in Sub-Saharan Africa in 2017 and a further $1.9 billion in 2018, forecasts Jones Lang LaSalle.
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According to the World Bank, 35 of 47 economies in sub-Saharan Africa took at least one step in making it easier to do business in their country in 2015. Rwanda implemented a credit-scoring service; Kenya launched government-run company registration services; Madagascar strengthened minority-investor protections; and Equatorial Guinea took the registration procedure for new businesses from 16+ steps down to four, and the processing time from 120+ days to 10.
As new businesses are created and developed, and oil-based economies work to diversify in the face of low oil prices, business-to-business (B2B) opportunities throughout Africa will thrive. In their report, “Lions on the Move II: Realizing the Potential of Africa’s Economies,” McKinsey Global Institute stated an increase in the number and size of African businesses means that, “While the consumer story has generated headlines, the relatively unsung business-to-business market represents an even larger opportunity.”
[Read more…] about Africa’s Growth Expected to be $3.5 Trillion by 2025 | World Bank
By Jonathan Nda-Isaiah
Nigeria will be one of the most attractive and easiest places of doing business in the world by 2019, President Muhammadu Buhari has assured.
Speaking at a plenary session on “Dialogue with the Private Sector” at the ongoing sixth Tokyo International Conference for African Development (TICAD VI), in Nairobi, Kenya, yesterday, President Buhari, said his administration was implementing policies and measures to create the right environment for investors and businesses in Nigeria.
Nigeria is currently ranked 169 out of 189 countries by the World Bank according to the Bank’s 2016 Ease of Doing Business report.
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