“Hospitality industry more lucrative, profitable in Nigeria”
Hospitality business is much more profitable in Nigeria compared to what is obtainable in other countries, the Chief Executive Officer, 4GUYS Limited, Monah Hmaidan, has said.
Hmadian in an interview with The Guardian yesterday, explained that the ease of doing business in the country, in addition to the low cost of rent and wages made the hospitality sector a profitable one.
He said: “I really do not know why some businesses like ours close down, but I can tell you that Nigeria is one of the most profitable countries I have worked in, I have work in Lebanon, Dubai, and a few other countries.
“One unique thing about Nigeria is that the rent and salary for workers are considerably cheaper compared to other countries and that obviously is the two things that matter most when running a business.
“For instance, if you are paying N20 million yearly rents in Nigeria, that amount is one month rent in other countries. You may need to import materials and equipment, but in the long run, Nigeria is one of the most profitable places to run businesses like this.”
Established in February 2020, 4GUYS Limited is a unique company with three subsidiaries_ 4Guys Restaurant, Grey Lounge, and Steak and Cheese. The firm, which is located in Abuja, mainly deals with three kitchens: Chinese, Japanese and Italian.
The Lebanon-born businessman, who noted that the COVID-19 pandemic also affected the sector, said his company was still able to make a profit to cater for its expenses.
Hmadian listed some of the major challenges in the sector as lack of power and dearth of good and quality suppliers.
He added: “One issue in the hospitality business in Nigeria is lack of customer service. But our company has the understanding of that aspect much more and we are doing much better.
“There are possibilities and opportunities here in Abuja. The market here is very good. There are things that make a place successful anywhere in the world. It is the ambiance and the people who come to the place. Once you have a good environment and the people, the country will be successful.
“Yes, it is difficult to get good and quality suppliers here, electricity and the pandemic were also a major challenge. Thank God we passed through the period but it was hard because we took tough decisions.”