The Center of Excellence, Lagos State, 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.
Analysed data from 19th of November to 26th of December in a report made by advisory firm MO Africa Company Limited, highlighted how the city’s vibrant hospitality and tourism sectors attracted travelers from across the globe.
The report revealed that Lagos alone welcomed an estimated 1.2 million tourists, of which 60% were domestic travelers.
The population of tourists during this period 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.
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