President Bola Tinubu has described the reopening of the iconic Premier Hotel in Ibadan as evidence that his administration’s economic reforms are beginning to attract investment and stimulate economic growth across the country.
The President made the remark on Thursday during the commissioning of the newly rebuilt hotel in Oyo State. Represented by the Minister of Tourism and Culture, he said the extensive renovation of the historic facility demonstrates growing confidence in Nigeria’s economy despite the challenges associated with ongoing reforms.
According to him, while some of the government’s economic policies have required sacrifices in the short term, they are gradually creating an environment that encourages investment, infrastructure development and business expansion. He noted that the hospitality and tourism sectors remain critical components of Nigeria’s economic diversification agenda.
Premier Hotel, one of the most recognised hospitality landmarks in South-West Nigeria, was originally established in the 1960s and has played a significant role in the region’s tourism history. The renovated facility now boasts modern amenities designed to meet international hospitality standards and attract both local and foreign visitors.
The President stated that investments in tourism infrastructure not only boost economic activity but also create employment opportunities for young people and support businesses operating within the tourism value chain. He emphasised the need for continued collaboration between government and private investors to unlock the full potential of the sector.
Stakeholders at the commissioning ceremony described the project as a major boost for tourism development in Oyo State and the wider South-West region. They noted that the hotel’s revival could stimulate economic activities, increase visitor traffic and strengthen Ibadan’s position as a tourism destination.
Industry observers say the reopening of Premier Hotel represents a significant milestone for the hospitality industry and demonstrates the role of public-private partnerships in revitalising critical infrastructure. They expressed optimism that similar investments would further enhance Nigeria’s tourism appeal and contribute to long-term economic growth.
