President Bola Tinubu has officialized the reopening of the newly rehabilitated Premier Hotel located in Ibadan, Oyo State, emphasizing the hospitality sector’s potential to drive economic growth and regional integration. Represented by the Secretary to the Government of the Federation, Senator George Akume, the President described the project as a critical landmark that highlights the commercial, cultural, and strategic prominence of the South-West region. He noted that the restoration of the iconic facility underscores his administration’s commitment to preserving national heritage while adapting major economic assets to modern realities.

The extensive modernization of the 62-year-old hospitality landmark was spearheaded by Odu’a Investment Company Limited, a conglomerate jointly owned by the six South-West states. Originally established in the 1960s under the industrialization vision of the old Western Region, the facility has been upgraded from an 87-room hotel into an ultra-modern 154-room five-star luxury destination. Stakeholders revealed that the upgraded facility on Mokola Hill will become fully operational by the fourth quarter of 2026, generating approximately 600 direct jobs and over 2,500 indirect employment opportunities to boost the local economy.

During the event, the President linked the structural transformation of the hotel to the broader economic reforms of his Renewed Hope Agenda, stating that rising investor confidence and stabilizing foreign reserves indicate a path toward sustainable growth. Beyond economy and tourism, the federal government utilized the platform to address regional security concerns, assuring residents of absolute dedication toward combating banditry and ensuring the safe return of abducted citizens from the Oriire local government area. Leaders across the South-West states praised the joint venture as a masterclass in regional cooperation and sustainable asset management.

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The Edo State Government has reaffirmed its commitment to leveraging tourism and hospitality as key drivers of economic growth, job creation, and investment attraction.

State officials said tourism remains one of the sectors with significant potential to diversify the economy and reduce dependence on traditional revenue sources. The government is therefore intensifying efforts to reposition Edo as a leading destination for culture, tourism, and hospitality investments.

According to the government, the strategy focuses on developing tourism infrastructure, promoting the state’s cultural heritage, and creating an enabling environment for businesses operating within the hospitality sector. Authorities believe these initiatives will stimulate economic activities and generate employment opportunities, particularly for young people.

Officials noted that a thriving tourism industry has the capacity to support a broad range of businesses, including hotels, restaurants, transportation services, entertainment, and local enterprises linked to the tourism value chain.

The government also emphasized the importance of public-private partnerships in unlocking the sector’s potential. It called for increased collaboration among investors, industry operators, and stakeholders to accelerate tourism development and improve service standards.

Industry experts have consistently identified tourism and hospitality as sectors capable of driving inclusive economic growth due to their ability to create jobs directly and indirectly across multiple industries.

The renewed focus on tourism aligns with broader efforts to strengthen economic diversification and position Edo as a competitive destination for domestic and international visitors. Stakeholders say sustained investment in infrastructure, skills development, and effective regulation will be essential to achieving long-term growth in the sector.

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