By Patrick Idowu
Lagos, Nigeria’s entertainment capital, witnessed a booming nightlife economy during the 2024 ‘Detty December’, with nightclubs alone generating a staggering N4.32 billion ($2.7 million), according to a report by MO Africa Company Limited.
The report, covering November 19 to December 26, highlights Lagos’ dominance in Nigeria’s hospitality and tourism sector, attracting an estimated 1.2 million tourists, of which 60% were domestic travelers.
Increased insecurity in southeastern Nigeria was a key factor in the shift towards southwestern states, particularly Lagos.
Hotels in Lagos earned N54 billion ($36 million) from 15,000 bookings, while short-term apartment rentals added N21 billion ($13 million) from 6,000 bookings.
The average nightly rate for short-let apartments stood at N120,000 ($74.7).
Nightlife thrived, with Lagos’ top 15 nightclubs generating N4.32 billion ($2.7 million).
Premium tables fetched up to N1.2 million ($746.7) per night, while daily club revenue averaged N360 million ($224,000).
Beaches and resorts also saw a surge, accounting for 70% of the N4.5 billion ($2.8 million) earned from recreational activities.
Event centers hosted 1,175 bookings, yielding N1.2 billion ($804,000), while luxury car rentals brought in N1.5 billion ($937,500) from 750 bookings.
High-end vehicles commanded daily rates between N200,000 ($124.4) and N2 million ($1,244).
MO Africa CEO Kayode Omosebi noted the growing reliance on cryptocurrency for transactions, revealing that 85% of currency conversions and payments were made through crypto exchange platforms.
Additionally, most bookings were done through agents rather than online platforms, reflecting trust concerns and the power of intermediaries in Lagos’ tourism industry.
Looking ahead, Omosebi predicts that ‘Detty December’ could generate up to $2 billion in foreign exchange by 2026 as Lagos cements its status as West Africa’s premier holiday destination.