Good Morning Nigeria: A loser from consumer spending squeeze
​A loser from consumer spending squeeze
Nigeria’s hospitality industry has been hit hard by the current macro challenges. We suspect that the hotel and restaurant segment in particular is experiencing these difficulties. The squeeze in consumer spending has forced households to revise their spending priorities. As such, industry players are tasked with identifying innovative methods to retain and if possible increase their clientele. The recent inflation data released by the National Bureau of Statistics show that restaurant and hotel prices rose by 1.1% m/m in January (unchanged from the previous month). This component has a 1.2% weighting in the index.
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