Good Morning: Sluggish trend in food and accommodation
​Sluggish trend in food and accommodation
Previously classified as the 'Hotels and Restaurant' sector by the National Bureau of Statistics, the food and accommodation sector is one of Nigeria's vibrant industries. The industry is almost entirely corporate driven as the country's holiday tourism segment is still in its infancy. In Q3 2015, the sector contracted by - 5% y/y compared with a contraction of -9% recorded in the previous quarter. GDP growth (at constant prices) picked up slightly from 2.4% y/y to 2.8% y/y in the same quarter. On the basis of the forthcoming seasonal festivities, we expect firmer household demand to lead to a pick-up to around 4.0% y/y in Q4.
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