By Mariam Ajibola
Director-General Bureau of Ekiti State Touurism Development, Amb. has unveiled survival strategies for hoteliers in the face of dire economic challenges facing the country at the moment.
He made the revelation in a pivotal paper he delivered with the theme: ‘Economic Downturn and Hoteliers’ Resistance: Strategies for Weathering Economic Downturns’ at the recently concluded 4th Conference of the South West Hotels Association of Nigeria held at Ife Grand Resort , Ile Ife
In a well-attended gathering of industry leaders and stakeholders, Ojo-Lanre addressed the pressing challenges facing the hospitality industry amid a turbulent economic landscape marked by factors such as the COVID 19 , currency devaluation and the recent removal of fuel subsidies.
His insights outlined the significant impact of these economic shifts on hotel occupancy rates, operational costs, and overall revenue.
According to him; “Hospitality industry not only serves as a cornerstone of employment and tourism, but also plays a vital role in stimulating local economies, however, with declining consumer spending and rising operational costs, we must adopt innovative strategies to maintain resilience and ensure sustainability.”
The DG highlighted several key challenges hoteliers face, including:
economic crises often result in reduced consumer spending leading to increased vacancies and lower profits, rising operational costs inflation and fuel prices strain resources, directly affecting profit margins.
“Others include; staff retention Issues, the need for cost-cutting often results in layoffs and compromising service quality.
In addressing these challenges, Ojo-Lanre proposed; “actionable strategies such as operational efficiency by streamlining costs through energy conservation and supplier negotiations through service diversification by crafting tailored packages and repurposing spaces for community events to create new revenue streams and the need to embrace digital transformation by enhancing online presence and booking platforms to attract tech-savvy customers ready to embrace flexible pricing by implementing dynamic pricing models and off-peak promotions to stimulate business”
In addition, Ojo-Lanre underscored the importance of community engagement and partnerships, emphasizing that collaboration with local businesses can enrich guest experiences while bolstering revenue for hotels.
In conclusion, the Guest Speaker, rallied the audience around a shared vision for resilience and innovation within the hospitality sector.
His words; “Together, we can navigate the complexities of today’s economy and emerge stronger for the future,” he asserted.
As the hospitality industry in Nigeria looks ahead, the strategies articulated at the conference set a roadmap for hoteliers, encouraging a collective commitment to withstand challenges and drive meaningful growth.
