• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Financial Analysis

Companies spend N7.9 billion on Hotel and Travel in Q1 2022, up by 56.4%

Abiola Odutola by Abiola Odutola
June 6, 2022
in Financial Analysis, Hospitality & Travel
COVID-19: Abuja Sheraton suffers 88% drop in revenues, Capital Hotels Plc - FOCUS: This hospitality company’s finances suffered recently
Share on FacebookShare on TwitterShare on Linkedin

The most capitalized companies listed on the Nigerian Exchange (NGX 30) spent over N7.9 billion on Hotel and travel in the first quarter of 2022, up from the N5.05 billion spent within the same period in 2021. This represents an increase of 56.43%.

Nairametrics tracks the public information of the top listed firms on the NGX. The data was confirmed from the financial reports of the firms.

According to data from Nairalytics – the research arm of Nairametrics, 17 of 30 firms spent over N7.9 billion on Hotel and Travel in three months. Some of them are United Bank of Africa, Zenith Bank, Access Bank, Dangote Cement, MTN, United Capital Plc (UCAP), NASCON, Union Bank, Transcorp and Dangote Sugar among others.\

RelatedStories

Nigerian bank customers risk financial losses by exposing ATM card numbers—Zecharia Akinpelu

GTB, UBA resume international transactions on naira cards with varying spending limits 

July 4, 2025
UBA

UBA CEO Alawuba calls for special financial court to address prolonged litigation and boost SME access to credit 

June 17, 2025

Read: Why some hotels may fold up soon – President, Hoteliers’ Association

The Covid-19 pandemic affected hotel and travel in the last two years as companies preferred to meet virtually rather than physically. However, the ease of lockdown protocols and other Covid-19 mandates has triggered a rebound in travel activities globally including in Nigeria.

This has now reflected in the 56% jump in travel spending year-on-year in the first quarter of 2022. Nigeria’s first-quarter GDP also reflects growth in both sectors. Accommodation services, which includes hotels grew by 1.93% while air travel rose 50% in the first quarter of the year respectively.

Upshots

Top on the list is United Bank of Africa (UBA) with N1.559 billion while the least is United Capital Plc (UCAP) which spent N9 million only on Hotel and Travel within the same period.

Read: How to negotiate for cheaper hotel room rates

Top 5 spenders

  • UBA increased its Hotel and Travel expenses from N1.038 billion in Q1 2021 to N1.559 billion by the end of Q1 2022.
  • Zenith Bank also increased its Hotel and Travel expenses from N797 million to N1.173 billion within the same period.
  • Access Bank was the third biggest spender with N976 million in three months, up from the N953 million spent in Q1 2021.
  • Dangote Cement was next with N948 million from N740 million.
  • MTN, the nation’s biggest telco, spent N917 million on Hotel and travel in Q1 2022, up from N215 million incurred in Q1 2021

5 least spenders

  • UCAP was the least spender among the top firms listed on NGX. The Financial services firm spent only N9 million only on Hotel and Travel, compared to the N3 million spent in 2021.
  • NASCON rather spent less than what it spent in 2021, as the food production firm incurred only N24 million against the N57 million spent in 2021.
  • Union Bank also spent N84 million in Q1 2022, up from the N49 million spent last year.
  • Transcorp spent N106 million, up from the N50 million recorded in 2021
  • Dangote Sugar incurred N108 million in Q1 2022, against the N201 million recorded within the same period in 2021
Tags: UBAUCAPUnited Bank of AfricaUnited Capital Plc
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Related Posts

Nigerian bank customers risk financial losses by exposing ATM card numbers—Zecharia Akinpelu
Financial Services

GTB, UBA resume international transactions on naira cards with varying spending limits 

July 4, 2025
UBA
Financial Services

UBA CEO Alawuba calls for special financial court to address prolonged litigation and boost SME access to credit 

June 17, 2025
Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 
Financial Services

Report: Nigerian banks paying their staff less salaries compared to African peers, blames AMCON 

June 13, 2025
Retail Kings; Banks with the largest retail deposits in Nigeria in 2024 
Exclusives

Retail Kings; Banks with the largest retail deposits in Nigeria in 2024 

May 27, 2025
United Capital
Company Results

United Capital posts profit of N6.7 billion in Q1 2025 as gross earnings more than double

April 30, 2025
UBA to complete CBN’s N500 billion capital requirement in Q3 2025 amid business expansion plans – Tony Elumelu 
Companies

UBA to complete CBN’s N500 billion capital requirement in Q3 2025 amid business expansion plans – Tony Elumelu 

April 26, 2025
Next Post
Brent crude drops to $25, oil demand drops by about 10% of world’s consumption, Brent Crude Oil hits $26, as Nigeria's Sweet Crude demand falls, Oil price pushes up before OPEC meeting, Asian equity markets mixed, NIGERIA OIL: Darker days ahead as Brent falls below production cost, Brent crude drops, as oil traders focus on OPEC+ meeting

Brent reclaims $120 after Saudi Arabia hikes crude prices for July 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Nigerians’ data consumption surges to 1.04 million terabytes in May despite decline in internet users
  • NIMC gives condition to waive N28,574 Date of Birth correction fee 
  • New Zealand to ease work limits for foreign students in bid to double education revenue 

Follow us on social media:

Recent News

Telecom

Nigerians’ data consumption surges to 1.04 million terabytes in May despite decline in internet users

July 14, 2025
NIMC, world Bank

NIMC gives condition to waive N28,574 Date of Birth correction fee 

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics