The management of Bon Hotel Octagon has urged stakeholders in the hospitality sector to prioritize localizing their operations within the country to foster domestic growth and development, thus enhancing competitiveness on the international stage.
The hotel advocates for de-emphasizing the dollarization of operations for international hotel brands in the country, suggesting instead charging in the local currency, the Naira, to support the government’s efforts in revitalizing the economy.
Speaking to the media in Abuja on Friday regarding the upcoming unveiling of Bon Hotel Octagon’s flagship in Abuja, Sandra Ogbahor, the Deputy Director of Commercial and Special Duties, Bon Hotels International (West Africa) emphasized the significance of collaborating with the government to create a conducive environment for businesses to thrive.
She stated that Bon Hotels’ collaboration with the government since its establishment in Nigeria a decade ago has led to the development of 27 hotels across 10 states, with an additional 38 currently in progress.
According to her, the hotel’s goal is to expand to 95 hotels within a few years, aiming to cover all 36 states of the nation.
She also noted that the flagship Octagon, boasting 225 rooms, is scheduled to be unveiled on February 14, 2024, while revealing that the 225-room flagship Octagon is billed for unveiling on the 14th of February, 2024.
Ogbahor emphasized that the Bon brand takes pride in supporting local economic development initiatives and complying with government regulations and standards, all while contributing to the growth of the local economy and expertise.
She said: “BON Hotels have employed and groomed a significant number of Nigerians by contributing to the development by mentoring local talent and career development for this reason we took it upon.
“As an International brand, we have been intentional in supporting investors to ensure the product comes out right during the pre-construction and opening phase.
“Ours is the only international hospitality group to charge fees in local currency, Naira in Nigeria, in addition to selecting and endorsing a hospitality training institute that trains Nigerians at all levels with international accreditation.
“Also, we are the only international hotel group to be affiliated to a local technology company to ensure that cutting-edge hospitality technology and other IT solutions are indeed optimal, naira- driven and easy to maintain”.
While acknowledging the government’s efforts to encourage more foreign direct investment (FDI), including tax holidays for new companies, Ogbahor urged the government to address infrastructure challenges that significantly impact returns on investment.
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“The government is putting in place mechanisms to ensure the organization’s longevity by fostering a favourable business environment, providing support for businesses, and promoting economic stability and growth, however, we look forward to more collaborations with the government to enhance good business opportunities.
“I must commend the government for Tax holiday for new hotels as this will help give the business time to grow.
“Some challenges investors face in expanding in Nigeria include bureaucratic hurdles, infrastructure deficits, security concerns and taxation.
“We are advocating for the government to streamline administrative processes, improve infrastructure, and enhance security measures to create a more conducive environment for business expansion”, Ogbahor added.