₦airaland Forum

Lagos, arguably Nigeria’s go-to entertainment hub, was the spotlight of the recently concluded “Detty December” with nightclubs in the state alone generating a staggering N4.32 billion ($2.7 million) during the period.

A new report by advisory firm MO Africa Company Limited analysed data from November 19 to December 26, highlighting how the city’s vibrant hospitality and tourism sectors attracted travelers from across the globe.

Lagos alone welcomed an estimated 1.2 million tourists, of which 60% were domestic travelers.

This surge was partly attributed to insecurity in southeastern Nigeria, which prompted many to prioritise the safer southwestern states.

Most arrivals came for leisure and tourism, further going on to lend credence to Lagos’ position as a pole destination for holiday revelers.

Preferred destinations in Nigeria, for visitors coming from the abroad, included Lagos, Edo, Delta, Ondo, and Ogun states.


Hospitality Boom

The influx of visitors drove record-breaking revenue across multiple sectors with hotels in Lagos reported to have generated an earning of N54 billion ($36 million) from 15,000 bookings in December. Short-term apartment rentals added another N21 billion ($13 million) from nearly 6,000 bookings. Short-let apartments charged an average nightly rate of N120,000 ($74.7).

Nightlife was another standout sector, with Lagos’ top 15 nightclubs generating a combined N4.32 billion ($2.7 million). Daily revenue for clubs averaged N360 million ($224,000), with premium tables fetching up to N1.2 million ($746.7) per night.

Beaches and resorts contributed proportionately as well, accounting for 70% of the N4.5 billion ($2.8 million) earned from recreational activities.

Event Centers and Luxury Rentals
Event centers hosted 1,175 bookings in December, yielding N1.2 billion ($804,000). Meanwhile, luxury car rentals saw a boom, with N1.5 billion ($937,500) spent on 750 bookings. High-end vehicles commanded daily rates ranging from N200,000 ($124.4) to N2 million ($1,244).

Kayode Omosebi, CEO of MO Africa Company Limited, says his team surveyed hotels, airports, short-let agents, and nightclubs to compile the data.

Omosebi noted the increasing reliance on cryptocurrency in Lagos’ hospitality sector.

“Eighty five percent of conversion to Naira and payments were done through this exchange platform. A number of bookings were done through agents rather than through booking platforms, which speaks to trust concerns and the power-play of agents in the industry.”

Looking ahead, Omosebi projected that ‘Detty December’ could bring in up to $2 billion in foreign exchange by 2026.

“The industry is evolving, and we would start seeing niche-focused hospitality and tourism experiences… There’s massive opportunity in bespoke event centers for concerts and shows,” he said.

Righteousness2:
No one is complaning or making noise now.

Once they Hear Church builds this or that, their veins and brains begins to stretch and Vibrate.

Generation of Iniquity and Evil.

Righteousness2:
No one is complaning or making noise now.

Once they Hear Church builds this or that, their veins and brains begins to stretch and Vibrate.

Generation of Iniquity and Evil.

yoruboid:
Lagos made more money when the rodents that keep wishing evil will befall the state left

The more they want Lagos to fail, the more Yorubaland keeps progressing

Righteousness2:
No one is complaning or making noise now.

Once they Hear Church builds this or that, their veins and brains begins to stretch and Vibrate.

Generation of Iniquity and Evil.

yoruboid:
Lagos made more money when the rodents that keep wishing evil will befall the state left

The more they want Lagos to fail, the more Yorubaland keeps progressing

Righteousness2:
No one is complaning or making noise now.

Once they Hear Church builds this or that, their veins and brains begins to stretch and Vibrate.

Generation of Iniquity and Evil.

yoruboid:
Lagos made more money when the rodents that keep wishing evil will befall the state left

The more they want Lagos to fail, the more Yorubaland keeps progressing

THEDEEPSIGHT:
Just over $2 Million. Thats poor.

bobby007:
they are in the village while Lagos is balling, they can go home we don’t need them

Righteousness2:
No one is complaning or making noise now.

Once they Hear Church builds this or that, their veins and brains begins to stretch and Vibrate.

Generation of Iniquity and Evil.

MasterJayJay:
Vultures can't comprehend! Businesses in Lagos generated the money, not vultures. Vultures can't afford to build anything. Vultures can't even afford the services offered by the hospitality industry.

Vultures are scavengers.