Greater political stability and well-established natural resources are fuelling an “unprecedented” rise in business travel across Africa, according to Hogg Robinson Group.
But the travel management company warned that corporate travel to certain areas may remain expensive as demand outpaces the supply of suitable accommodation.
Large parts of West Africa still have some way to go to address infrastructure and security concerns which are a prime factor in keeping prices high, HRG said.
Hotel rates in the Nigerian capital Lagos are the second most expensive in the world for business travellers, the company’s most recent hotel survey found.
Regional business and partner management for Africa Chris Schuitmaker said: “After decades of sluggish progress, Africa is emerging as a focal point for international investment – growth in some countries is even outpacing the BRIC nations.
“The rate of change across the region is phenomenal, and it’s incredible to think that Nigeria is predicted to overtake South Africa as the leading African economy within the next five to ten years.”
He added: “As business travel to Africa increases, no-one would deny the region still has some issues to contend with, in particular the lack of infrastructure and concerns over security, which can make it difficult and expensive to do business in Africa.
“These issues won’t be solved overnight, but things are definitely changing. Roads are being built, airports upgraded, hotels are springing up everywhere and internet and telecommunication connectivity is improving everyday.
“All the signs are that Africa is beginning to realise its huge and undoubted potential as a major business destination.”