Honeywell Group Highlights Partnership with Bank Of Industry (BOI)

...emphasises inclusivity, sustainability and the potential for Nigeria’s tourism industry

Honeywell Group Limited, a leading investment holding company operating across critical sectors of the Nigerian economy including foods, real estate, infrastructure, energy, and financial services, has highlighted its partnership with the Bank of Industry (BOI), Nigeria’s oldest and most successful development financing institution during an interview recently.

The interview, a feature by BOI’s Impact series – a TV magazine programme that spotlights beneficiaries of the bank's intervention in different sectors, as well as the achievements borne out of these interventions - was broadcast on Channels TV.

Kemi Adeoye, Chief Financial Officer, Honeywell Group Limited

Kemi Adeoye, Chief Financial Officer, Honeywell Group Limited and Moyo Ogunseinde, Executive Director, Anchorage Leisure Ltd, the owners of Radisson Blu Anchorage Hotel, spoke with the BOI team to discuss the global and local tourism landscape, capital injection from the financial institution as well as the plans for the next year and beyond.

Kemi Adeoye spoke of the capital-intensive nature of the tourism and hospitality industry and the financial challenges that operators encounter.

She said, "one of the critical challenges in the sector is access to long term financing. However, partnering with BOI, an institution that is willing to provide financing for expansion and diversification of projects that enhance the socio-economic condition of Nigerians, makes it easier to function and thrive as a business.

“We approached BOI for financing for our renovation plans and the process was hassle-free. They had a deep understanding of our business and its operations, and I would say that it has been an interesting journey."

Moyo Ogunseinde, Executive Director, Anchorage Leisure

Moyo Ogunseinde shared insights into the opportunities for growth within the industry, bridging the gender gap and investment in local content: 

“Over the past 10 years, our ability to surmount the challenges of talent, capital, and infrastructure has greatly improved. In the past 15 years, we have been able to train and improve the capacity of over 300 staff members and several local organisations working with us. We have been intentional about closing the gender gap – hiring and training women in areas of expertise that were historically dominated by men. We have also been able to focus on areas that were only open to expatriate workers to accommodate more indigenous Nigerian talent.”

In 2019, before the COVID-19 pandemic, tourism and a number of its allied industries, from travel to hospitality, had generated revenues in excess of ₦6.9 billion, and workers constituted 4.8% of total employment. However, due to restrictions to international mobility, the travel and tourism sector across the world suffered losses of almost 4.5 trillion dollars.

Nigeria has slowly begun recouping the loss and in an article, the Director-General of the Nigerian Tourism Development Corporation, Folorunsho Coker, shared a new strategy - Tour Nigeria - to drive recovery in the Nigerian tourism and hospitality sector.

Ogunseinde mentioned the resilience of the Nigerian market, the possibilities for growth and the trends resulting from the changes brought on by the pandemic:

“The Nigerian market is very resilient. We have been able to grow at a much faster rate than other markets. The pandemic has compelled the Nigerian tourist to focus inwards by patronising the local tourist market.”

There has also been an increase in collaborations, partnerships and renovations by local hospitality brands to allow for more family-friendly facilities as millions of families seek escape within the shores of the country as opposed to vacations across the world. The Radisson Blu Anchorage hotel which has been in full operation even at the height of the pandemic intends to continue widespread renovations as well as structural and organisational expansion.

Ogunseinde pointed out the potential in the hospitality market within the Federal Capital Territory. “Yes, we hope to expand to Abuja soon,” she concluded.

March 03, 2022