During the recent Detty December festive season, Nigeria witnessed a substantial influx of diaspora remittances, which significantly contributed to the country’s economy. According to Babatunde Fashola, former Minister of Works and Housing, these remittances accounted for an estimated four percent of Nigeria’s Gross Domestic Product (GDP).
Fashola made this revelation during the 55th convocation lecture at the University of Lagos (UNILAG), where he explored the economic impact of the period known for its lively celebrations and social events across the nation.
This time of year, as Nigerians abroad celebrate, their contributions to the economy are being noticed, Fashola noted. He pointed out that a search of Detty December on Wikipedia already tracks the global attention this unique phenomenon is generating.
He urged Nigerians to take full advantage of the opportunities presented by the surge in remittances during this period, stressing that it’s not only an opportunity to boost the local economy but also to attract further foreign investment.
Drawing attention to the broader economic scope of such celebrations, Fashola explained the significance of tourism-driven sectors like MICE – Meetings, Incentives, Conferences, and Exhibitions. He called on the country to leverage the positive global image created during Detty December to draw in more international tourists, contributing to Nigeria’s long-term economic growth.
A report by MO Africa Company Limited supported Fashola’s assertion, revealing that the Detty December festivities brought in over N100 billion in revenue for hotels, clubs, and recreational facilities in Lagos, with around 1.2 million tourists flocking to the city.
However, Fashola also warned that Nigeria must take proactive steps to fully capitalize on this economic opportunity. He suggested that Nigerians could benefit by offering short-term rentals to meet the high demand during this busy period, urging homeowners to consider renting out properties to foreign visitors.
“If we don’t respond to the demand, it will simply be redirected elsewhere,” he cautioned.
