Lagos, widely recognized as Nigeria’s entertainment capital, recorded an unprecedented economic boost during the 2024 “Detty December” season, with nightclubs alone generating a staggering ₦4.32 billion ($2.7 million), according to a report by MO Africa Company Limited.
The report, which analyzed data from November 19 to December 26, highlighted how Lagos’ vibrant hospitality and tourism industries attracted an estimated 1.2 million tourists, 60% of whom were domestic travelers.
Hotels in Lagos saw record-breaking earnings of ₦54 billion ($36 million) from 15,000 bookings during the festive period, while short-term apartment rentals contributed ₦21 billion ($13 million) from nearly 6,000 bookings. Nightly rates for short-let apartments averaged ₦120,000 ($74.7).
Top 15 nightclubs in the state emerged as significant contributors to this economic boom, generating a combined daily revenue of ₦360 million ($224,000). Premium table bookings in high-end clubs fetched up to ₦1.2 million ($746.7) per night.
Recreational activities at beaches and resorts accounted for 70% of the ₦4.5 billion ($2.8 million) earned from leisure. Event centers also experienced a surge, hosting 1,175 bookings that generated ₦1.2 billion ($804,000).
Luxury car rentals raked in ₦1.5 billion ($937,500) from 750 bookings, with daily rates for high-end vehicles ranging from ₦200,000 ($124.4) to ₦2 million ($1,244).
The report noted a rising trend in cryptocurrency usage for transactions, with 85% of conversions to naira facilitated through crypto platforms. The reliance on agents for bookings rather than digital platforms also reflected trust concerns among consumers.
Kayode Omosebi, CEO of MO Africa, expressed optimism about Lagos’ tourism and hospitality potential. He predicted that “Detty December” could generate up to $2 billion in foreign exchange by 2026, given the increasing global interest in Nigeria’s vibrant cultural scene.
“The industry is evolving, and niche-focused hospitality experiences will drive future growth. Bespoke event centers for concerts and shows are a massive opportunity,” Omosebi said.
The success of “Detty December” underscores Lagos’ position as a premier destination for leisure and entertainment, bolstering its reputation as a tourism powerhouse in Africa.
