Detty December Report Shows Lagos Hotels Made N54 Billion From Bookings in 5 Weeks

• A new report has shown that hotel bookings in Lagos state brought in no less than N54 billion during the 2024 Detty December
• Nightclubs, rental businesses and event centres also brought in over N6 billion in several bookings and events
• The report also shows that 85% of conversions from foreign currency to naira are made through cryptocurrency platforms

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Lagos state has again proven itself to be the hub for entertainment, with the 2024 Detty December report showing that hotel bookings in Lagos amounted to N54 billion.

Nightclubs in Lagos state also made a whopping N4.32 billion ($2.7 million) within the same period.

The Detty December Report, put together by MO Africa Company Limited, compiled and analysed data across the hospitalism and tourism sector in the state for five weeks, starting on November 19 to Boxing Day – December 26, 2024.

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The advisory firm's CEO, Kayode Omosebi, revealed that the team compiled the data from hotels, airports, short-let agents, and nightclubs.

5 most visited states

Based on the data compiled by the advisory firm, 1.2 million tourists and leisure seekers made their way to Lagos for Detty December, and about 60% of them were domestic travellers coming from different parts of Nigeria.

The report suggests that the insecurity in South East Nigeria may have contributed to Lagos state's preference.

Other states that were also choice locations for tourists in the period were Edo, Delta, Ondo and Ogun states.

Bookings and rentals

The report also revealed a lot of cash inflow to other businesses in the hospitality sector.

Apart from the N54 billion raked in from 15,000 hotel bookings, short-let apartments got about 6,000 bookings, totalling N21 billion at an average rate of N120,000 per night.

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Thanks to the high concentration of events during this period, event centres also pooled in N1.2 billion from 1,175 bookings, while 750 car rentals brought in N1.5 billion. Some luxury cars had daily rates running as high as N2 million.

Nightlife and leisure

The nightlife was at its peak with the top 15 nightclubs in Lagos getting a combined revenue of N4.32 billion, with the daily average around N360 million. Premium tables in some of these clubs make up to N1.2 million every night.

Leisure activities also added its fair share of N4.5 billion to the pot, with beaches and resorts accounting for about 70% of the sum.

Even the famous Afrobeats musician Wizkid touched down in Lagos for the Detty December celebrations to mark his latest album.

The report also revealed that about 85% of conversions to naira and payments were done using cryptocurrency exchange platforms. This could signal some trend shift in the hospitality sector of Lagos.

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Detty December Projections

Using the data as a yardstick, Omosebi predicted that Nigeria could receive $2 billion in foreign exchange by December 2026.

He noted that there are lots of opportunities, and as the industry involves, more concerts, shows and bespoke experiences could come into the hospitality space.

International stars joined the Detty December

Detty December is a big deal in Nigeria, and Legit.ng recently reported that five international stars spent it in Lagos state.

Among them were Grammy-nominated musician Chloe Bailey and, soon after, US rapper Giavanni Sergio Kitchens, aka Gunna.

Grammy-award-winning South African singer Tyla Laura Seethal, aka Tyla, was also in Lagos for Detty December, as was Cameroonian footballer Samuel Eto, who was sighted at Tony Elumelu's all-white party.

Source: Legit.ng