Nigeria’s hotel industry performance was influenced by the country’s economic recession during the third quarter of 2016 and a sour NGN/USD exchange rate. In an attempt to lessen the consequences of the devaluation of the Naira, hotel operators cannot increase the price of rooms in Naira to repay for the loss in value against the dollar, meaning the all-important foreign currency earnings are no longer supporting the industry. Other problems experienced by the industry include expensive but erratic power supply, a steadily increasing number of hotels entering the market, lack of grading standards and inadequate hospitality skills.
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Evelyn, J (2019). The Effect of Economic Recession on Hotel Performance and Guest Patronage. Afribary.com: Retrieved May 10, 2021, from https://afribary.com/works/the-effect-of-economic-recession-on-hotel-performance-and-guest-patronage
Jones, Evelyn. "The Effect of Economic Recession on Hotel Performance and Guest Patronage" Afribary.com. Afribary.com, 12 Nov. 2019, https://afribary.com/works/the-effect-of-economic-recession-on-hotel-performance-and-guest-patronage . Accessed 10 May. 2021.
Jones, Evelyn. "The Effect of Economic Recession on Hotel Performance and Guest Patronage". Afribary.com, Afribary.com, 12 Nov. 2019. Web. 10 May. 2021. < https://afribary.com/works/the-effect-of-economic-recession-on-hotel-performance-and-guest-patronage >.
Jones, Evelyn. "The Effect of Economic Recession on Hotel Performance and Guest Patronage" Afribary.com (2019). Accessed May 10, 2021. https://afribary.com/works/the-effect-of-economic-recession-on-hotel-performance-and-guest-patronage