Landmark CEO Paul Onwuanibe bets big on Nigeria's N4.95 trillion local tourism market
By Aboki Forex —
Landmark Africa CEO Paul Onwuanibe says Nigeria's domestic tourism market is the most immediate opportunity for investors, with local travellers spending N4.95 trillion in 2024. That amount is roughly ten times the N491.9 billion spent by international visitors, according to World Travel and Tourism Council estimates.
In an exclusive interview, Onwuanibe explained how consumer demand for experiences is reshaping Landmark's real estate, hospitality and tourism strategy. The company is now building integrated destinations that combine residential, leisure, retail, events and technology in one ecosystem.
Consumers want experiences, not just property
Onwuanibe said the biggest shift is that consumers now value experiences alongside physical products. When Landmark started, the focus was conventional offices and property. Over time, people wanted places where they could work, eat, meet, stay, exercise, attend events, take their children out or simply spend time.
This changed the economics of real estate. Landmark Waterview is an extension of that thinking into residential property. It is not just about apartments. It is about linking residential living to lifestyle, hospitality, leisure and the wider Landmark ecosystem.
Technology also plays a role. The Landmark Citizen App lets customers discover, access and transact across the ecosystem from one platform, building a more connected relationship with users.
Spending pressure is real, but footfall tells the story
Onwuanibe acknowledged that consumers are more selective when disposable income is under pressure. They ask harder questions about value. But the desire for experience does not disappear. People become more deliberate about where they spend.
Landmark's numbers back that up. The Landmark Upside Down House has received more than 50,000 visitors since launch. Event Centre bookings doubled year-on-year since 2024. POP Landmark hosted more than 150 events in a year.
These figures guide investment decisions. If an experience drives repeat footfall and strengthens surrounding businesses, Landmark scales it. If consumer behaviour changes, the company changes with it.
Financing long-term projects in Nigeria
Onwuanibe said integrated destinations are capital-intensive, long-duration investments. Construction costs are exposed to inflation, foreign exchange and imported building materials. Financing costs are significant. Time itself is a cost.
Nigerian real estate projects can take around five years to mature. Rising material costs, exchange-rate volatility, interest rates and labour costs remain pressures on developers.
The advantage of an integrated destination is multiple revenue streams. Residential sales, hospitality, events, food and beverage, retail, entertainment, leisure and commercial income can all support one ecosystem. Landmark also favours phased development, activating parts of the destination progressively to prove demand and generate cash flow before building further.
Short-term money is a poor match for a twenty-year asset. Onwuanibe said financing requires a combination of equity, appropriate debt, partnerships and capital.
What it means for Nigerian businesses
The focus on domestic tourism is a direct response to market reality. Nigerians are already spending nearly N5 trillion travelling within the country. For developers and businesses, the opportunity is to serve that local demand first, rather than relying on international tourists. That supports Nigeria's drive to grow the naira-based tourism economy and encourages repeat spending that keeps money circulating locally.