…As BusinessDay lends voice at conference

On Wednesday July 29, 2026, the Lagos State government was more than bold to disclose its intentions at making the state a preferred tourism destination in Nigeria and Africa. The intentions, which are supported by matching action, according to the state, being the commercial capital of Nigeria is not enough, it also wants to extend the lead to tourism.

“We have never regarded tourism as a standalone sector. Rather, we see it as an intersection of transportation, security, urban planning, technology, environmental sustainability, arts, culture, sports, entertainment and commerce,” Babajide Sanwo-Olu, governor of Lagos State, said at BusinessDay Tourism Conference 2026.

According to the governor, who was represented at the conference by Adebopo Oyekan-Ismaila, permanent secretary, Lagos State Ministry of Tourism, Arts and Culture, the state is positioning itself as Africa’s leading tourism and events destination through sustained investments in transport infrastructure, urban renewal, waterfront development and digital connectivity aimed at attracting private capital into the sector.

Moreover, the governor commended BusinessDay Media Limited for going beyond its primary media job to creating veritable platforms for national discuss on growth and development, so also many others at the conference, which held on the “Nigeria’s Tourism: From Resilience to Investment-Ready Growth” at Sheraton Lagos Hotel.

According to Paul Kavanagh, general manager, The Wheatbaker Ikoyi, and the keynote speaker at the conference, BusinessDay, which has been leading Nigerian media in offering useful insights and intelligence to corporate organisations and policymaker, has gone beyond that to initiating debates on economy and development with the conference.

Kavanagh, a former general manager of Obudu Ranch Resort, noted that the country has all it takes to attract the world, but needs all hands on the deck to make the needed impact ‘from our small corners’.

Speaking on the conference theme, Kavanagh was excited that Nigerian hospitality has severally shown resilience in the face of both global and national economic turbulence. The resilience, according to him, has been evident in the sustained growth in the hospitality industry, which has made the sector sought-after by global investors and hotel brands.

“This is a pointer to the many possibilities in the country,” he said.

X-raying the investment readiness of the country in the tourism sector, he noted that Nigeria parades investors who are very willing to partner international brands in new hotel development projects, which has resulted in more hotel rooms and properties, across both international and indigenous hotel brands in recent times.

The investment readiness, according to him, is evident with the considerable growth in the number of quality hotels today, return on investment and growth in revenue for the government.

In the last 15 years, Lagos has grown from 591 registered hotels in 2010 to 1000 in 2025, about 69 percent increase, 1000 operational hotels to over 2000 in 2010, from 35,000-40,000 rooms in 2010 to 70,000 in 2025, nearly doubled, and from 10-12 internationally branded hotels to 25-40 in 2010, more than doubled, as well as from 6-8 five-star hotels to 15-25 in 2010, around three-time increase.

The Lagos State Internal Revenue Service (LIRS) has also reported a surge in revenue it earned from the Consumption Tax generated from the hospitality sector. The revenue has grown from N7 billion in 2010 to N70 billion in 2025, pointing to the growth as more players emerge to seek market share in the hospitality sector.

For him, the country needs to create its own quality and standards, while pushing the Nigerian standard globally.

The above is what the team he leads at The Wheatbaker has done; lifting the Nigerian hospitality sector with authentic offerings and branding.

“Nigeria is the market and Nigerian hospitality is ready. All we need is to begin to build Nigerian standards, sell authentic offerings and also patronize our own,” Kavanagh said.

Elaborating on the possibilities in Nigeria, Sunday Michael, Special Adviser to The Governor of Cross River State on Obudu Ranch Resort, noted that Obudu is still one of the possibilities in Nigeria, as the pristine offering is a destination worth visiting any day.

Michael noted that tourism is the lowest hanging fruit in the diversification of the economy, and that Cross River State can testify with that.

He charged investors not to shy away from the industry, noting that the federal government and states like Cross River have perfected laws that are enabling enough and also guarantee safety and return on their investment.

He also disclosed efforts by the state to return the ranch to its past glory as huge investments, partnerships and others are turning things around for good at the ranch and for the Nigerian traveling public.

Also speaking at the conference, Stella Fubara, CEO, Fura Collective and keynote speaker, pointed to the audience who want works and what doesn’t in tourism promotion globally.

Citing instances with Dubai Tourism and Saudi Arabia, where she worked in executive positions, Fubara, who is also a consultant on tourism to the Akwa Ibom State government, noted that no country will develop tourism without full government support, especially putting in place the aiding infrastructure and enabling laws.

According to her, Nigeria parades enough tourism potential that can sustain its economy, but needs to clear concerns often cited by investors, who are more than willing to invest here.

She commended the efforts of the Lagos State government and a few others at developing tourism, but insisted that more efforts are needed to lift the sector to become the new oil for the country.

“We have to be intentional at developing tourism here. Let’s go for what works and adapt to them because foreigners are not going to develop tourism here, but Nigerians themselves,” she said.

Hannatu Musa Musawa, minister of Culture, Arts, Tourism and Creative Economy, who was represented at the event, in her remarks, recognized the huge potential of tourism, but insisted that the government cannot do it alone, hence the further call for collaborations to make tourism count in the Nigerian economy.

Also, speakers at the two panels of discussion at the conference offered rich insights on how to reposition the country’s tourism for local and global appeals.

Discussants at the first panel on “From Destination to Asset Class: What Makes Tourism Investable”, cleared the gray areas, while pointing out things that investors are looking for.

For Victor Afonimeh Okposin, CEO, Travelluxe, and Sunday Michael, Special Adviser to The Governor on Obudu Ranch Resort, Cross River State, Nigeria is one destination to beat in Africa, though the citizens seem to be carried away by the lure of outbound destinations.

He noted that beyond the oil and gas and other business opportunities, Nigeria offers even more in tourism, which is equally business. Femi Oluwafemi, head of sales, AERO Contractors Company of Nigeria Limited, buttressed that saying that it was the Nigerian travelling public that have sustained the airline for decades in business today.

Also speaking on the panel moderated by Omotoyosi Adisa-Akinduro, host, The Visit Africa Show (Lagos Talks FM), Morenike George-Taylor, president, Restaurants, Cafes, Bars & Clubs Association of Nigeria (RCBCA), noted that the Nigerian tourism industry has come of age despite challenges, as standards are getting improved, skills upscaled and investments growing. Meanwhile the discussant on the second panel “Culture, Community & Credibility: Scaling Without Dilution”, which was moderated by Temi Bamgbose, online editor, BusinessDay Media Limited, see Nigeria’s diverse and colourful cultures are huge lure for foreigners, hence the country needs to be intentional at promoting it.

But they think that the promotion should be without diluting it as its authenticity is the core reason for its global appeal.

As Martin Bredenoord, general manager, Sheraton Lagos Hotel, rightly observed, the country will lose its global appeal without its culture, hence hotel chains operating in the country infuse such in their services and offerings, which the guests always appreciate.

Others added that the country should not dilute but be innovative with its culture, engage the community better to own the culture and also repackage them in products that can be sold as tour packages to visitors and the citizens alike.

At the end, Innocent Onah, deputy editor-in-chief, BusinessDay Media Limited, reiterated the commitment of the foremost financial publication at offering beyond news, insights and intelligence, to creating platforms through its conference series where experts and policymaker gather to debates on national and topical issues, unveiling trends and offering solutions to challenges.

While commending the speakers, panelists, exhibitors and participants for making the third edition of the conference a success, he promised a more exciting edition next year.