Babajide Fashola, former Governor of Lagos State, has highlighted the immense opportunities the festive season presents for Nigeria’s economic development.
Speaking on the importance of tourism and inflows from the diaspora, Fashola urged stakeholders to harness the vibrant energy of events like ‘Detty December’ to stimulate growth and create sustainable economic benefits.
According to premiumtimesng.com, speaking at the 55th convocation lecture of the University of Lagos (UNILAG) on Monday, Mr Fashola explained the importance of leveraging the country’s “Detty December” phenomenon to drive economic growth.
Mr Fashola, who is the Chairperson of the convocation lecture, noted that tourism during this period, coupled with diaspora remittances, “already contributes 4 per cent to Nigeria’s GDP,” urging stakeholders to explore intentional strategies to capitalise on this seasonal economic potential.
READ: News: Detty December 2024, The Economic Impact and A Lens into Nigeria’s Economic Pulse
Detty December refers to Nigeria’s festive season, spanning mid-December through New Year’s Day. This period is marked by lively celebrations, social gatherings, parties, and festivities.
The convocation lecture themed: “Universities as Hubs for Development and Wealth Creation” was delivered by the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Oluwatayo Aduloju.
‘Detty December’ potential
According to Mr Fashola, ‘Detty December’ has the potential to enhance the country’s international image and create economic opportunities, particularly in the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector.
READ: Africa: Detty December 2024: Paving the Way for Nigeria’s Nightlife Tourism Revolution
He encouraged Nigerians to prepare for future events by investing in accommodation and related infrastructure, highlighting the potential for residents to rent out their homes and earn income during tourism events.
He also emphasised the need for intentional efforts to capitalise on tourism opportunities, citing the positive impact of recent events on Nigeria’s international image.
“Tourism has a vast value chain,” Mr Fashola noted, stressing the need for investment in accommodations, transportation, and other hospitality-related infrastructure to meet demands during peak tourism periods.
Lagos Earnings
In December 2024, the hospitality sector, including hotels and restaurants, experienced high occupancy rates in major cities like Lagos, Abuja, Port Harcourt, and Calabar.
A report by advisory firm MO Africa Company Limited showed that Lagos nightclubs generated N360 million daily, with some tables fetching as much as N1.2 million per night.
READ: Opinion: Detty December Celebration brings transport chaos to Lagos
The report highlighted the significant economic impact of Lagos’ “Detty December,” which attracted 1.2 million visitors, 60 per cent of whom were domestic tourists driven by insecurity in southeastern Nigeria.
This influx spurred a surge in hotel bookings and short-let apartment rentals, pushing Lagos’ December hotel revenue to N54 billion from 15,000 bookings.
In total, the tourism and entertainment sectors generated N111.5 billion in Lagos during December 2024.
