‘Detty December’: Lagos hotels generate N54bn in December 2024 — Report

Lagos hotels raked in a staggering N54 billion in December 2024, according to a report by advisory firm MO Africa Company Limited.

The report highlighted the significant economic impact of the city’s ‘Detty December’ which drew both domestic and international tourists in large numbers.

Independent research revealed that between November 19 and December 26, Lagos’ hospitality sector experienced a surge in bookings, with over 15,000 hotel reservations contributing to the record revenue.

Kayode Omosebi, CEO of MO Africa, attributed the boom to the influx of travellers, including nearly 90% of inbound passengers at Murtala Muhammed International Airport (MMIA) who were Nigerians living abroad returning for leisure and tourism.

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The report also emphasised the role of Lagos’ festive attractions in driving tourism, as the city welcomed an estimated 1.2 million visitors during the period, 60% of whom were domestic tourists.

The popularity of short-let apartments further complemented the hospitality sector, generating an additional N21 billion from nearly 6,000 bookings.

Omosebi remarked on the evolving nature of Lagos’ hospitality industry, noting an increased reliance on cryptocurrency for payments and a growing preference for agent-assisted bookings.

Looking ahead, he projected that ‘Detty December’ could bring up to $2 billion in foreign exchange by 2026, provided infrastructural and security challenges are addressed.

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