President Bola Tinubu on Thursday commissioned the first phase of the newly remodelled Premier Hotel in Ibadan, describing the project as a model for preserving Nigeria’s heritage while driving economic growth through tourism and hospitality.
The 154-bed facility, originally established in 1966 as the Western Region’s flagship hospitality asset, has undergone extensive modernisation to meet contemporary global standards. Tinubu said the transformation demonstrates that historic national assets should not be left to decay but renewed to serve as foundations for a stronger future.
“Heritage should not be abandoned to the passage of time. Rather, it should be preserved, renewed, and adapted to meet contemporary realities,” the President stated during the ceremony.
He noted that the project mirrors ongoing efforts to revive other iconic national assets across the country. Tinubu praised the visionary leadership of the old Western Region, which led to the establishment of the Premier Hotel and other strategic projects by the Odua Conglomerate.
The President emphasised the strategic importance of the hospitality and tourism sector under his administration’s Renewed Hope Agenda. With Nigeria’s large population and economy, he said the industry holds vast potential for job creation, GDP growth, foreign exchange earnings, cultural diplomacy, and urban renewal.
“Nigeria possesses enormous tourism potential, from our cultural heritage and historical sites to our creative industries, festivals, natural attractions, and vibrancy,” Tinubu added.
Oyo State Governor Seyi Makinde, represented by Secretary to the State Government Prof. Musibau Babatunde, described the reopening as a major milestone in restoring one of Nigeria’s most iconic hospitality landmarks. “Premier Hotel Ibadan is more than just a hotel. It is a symbol of our collective history,” he said.
Lagos State Governor Babajide Sanwo-Olu, represented by Secretary to the State Government Bimbola Salu-Hundeyin, hailed the redevelopment as proof that heritage preservation and economic modernisation can go hand in hand.
Ondo State Governor Lucky Aiyedatiwa called the hotel’s rebirth a symbol of resilience and renewal, commending Odu’a Investment Company for preserving regional heritage while creating new opportunities for tourism, employment, and investment.
In his welcome address, Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, expressed delight at the historic moment, noting that the Premier Hotel was once one of the most prestigious establishments in West Africa.
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