Ibis Lekki Opening Rekindles Debate Over Funding for Private Projects

The recent inauguration of the Ibis Lagos Lekki hotel has brought renewed attention to the persistent difficulties private businesses face in securing adequate funding in Nigeria. The new 120-room hotel, the international franchise's second in Lagos, stands in a rapidly developing business and residential hub.

Olufemi Okenla, Chairman of HDV Nigeria Limited, stressed that fostering private sector investment hinges on creating a supportive funding ecosystem. He called for a discussion on moratorium periods, arguing that without sufficient private sector engagement and favorable financial terms, the desired economic growth will remain elusive. The hotel's construction also faced challenges, requiring specialized foundation work due to the local terrain.

“

The funding system in the country is not favourable, and I am happy Her Excellency agreed with me. But we need to have a discussion around the funding aspect of projects, especially around the moratorium period, because if the government is trying to encourage entrepreneurship, and the private sector is disconnected, there hardly will be that growth we desire in the country.

Representing the Lagos State government, Barrister Bimbola Salu-Hundeyin underscored the significance of the hospitality sector. She described it not just as hotels and tourism, but as a vital component of the economic landscape. Hospitality, she noted, bolsters other businesses, generates employment, enhances creative industries, and shapes the perception of Lagos for visitors.

“

For us in Lagos, hospitality isn’t simply about hotels, restaurants and tourism. It is an integral part of our economic ecosystem. It supports businesses and investments, creates employment, strengthens our entertainment and creative industries, promotes tourism, facilitates conferences and events, and gives millions of business and leisure travelers a first and lasting impression of our city.