Stakeholders have stated that harnessing Foreign Direct Investment in the hospitality industry can lead to a 400 per cent increase in revenue within six months.
In an exclusive interview with The PUNCH, the Chief Executive Officer of Landmark Group, Paul Onwuanibe, asserted that a 400 per cent increase in Foreign Direct Investment was achievable in the sector.
He said, “While Foreign Direct Investment stands as a readily accessible opportunity, the resilience of the hospitality industry, which requires comparatively minimal infrastructure and offers cost-effective employment, has shielded it from severe impacts.
‘’Despite challenges like poor infrastructure, the industry remains less affected. From an FDI standpoint, with a concerted effort and commitment, there exists significant potential to amplify FDI by 300-400 per cent within six months. “
In the same vein, the Chief Legal Officer of Landmark Group, Adaobi Nwanze, said things could be done within a short period in the tourism sector, to enhance tourist attraction, which would bring in investments.
She said, “Achievements can occur swiftly. For instance, the beach resort, developed in just nine months, has become a popular tourist destination, contributing to revenue generation.
“Our strategy for diversification involves rapidly improving our immediate surroundings to attract foreign tourists.
“For instance, Ghana’s success with ‘The Return’, where Black Americans explore their ancestral roots, has become a major revenue stream. Ghana’s innovative approach, like ‘December in GH’ with a 46-day visa-on-arrival period, which simplifies entry for visitors, further promotes tourism and economic growth.
“In essence, setting up machinery whereby foreigners can come in without so much stress, how much money is that? We are abundantly blessed and there is a lot we can do with very little money.”
Over the past five years, there has been a significant decrease in Foreign Direct Investments in Nigeria, with a decline of $470.8m, according to the National Bureau of Statistics’ Capital Importation reports.
