About N111.5bn was generated by tourism and entertainment industries in Lagos State alone in December, 2024, a tax and revenue consultant engaged by the state government has said.
Kayode Osebi in his report seen by our reporter yesterday said revenue from hotel bookings was estimated at N54 billion ($36 million) with 15000 confirmed bookings in the month of December.
According to Osebi, estimated Food and Beverage revenue from guests was N13.5 billion ($8 million) in December alone.
“We were consulted by a client to do an independent research on the economics of Detty December, with focus on Lagos.
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“Lagos Airport (MMA) cleared c.550,000 inbound passengers (between Nov 19 – Dec 26 2024) and 90% of the passengers were Diasporas visiting majorly for Leisure & Tourism”, he said.
He said the top five countries where tourists and visitors came into Nigeria from were the US, Canada, Italy, South Africa, UK.
He added that the top five destination states in Nigeria were Lagos, Edo, Delta, Ondo, and Ogun states.
Lagos, he said, recorded 1.2 million (estimated) tourists with about 60% of them local tourists majorly from South East (SE) and Federal Capital Territory (FCT).
According to him, insecurity in the SE drove the numbers from the region to Lagos while president Bola Ahmed Tinubu’s presence in the country ‘s economic capital drove the numbers from FCT.
He said: “Revenue from hotel bookings is estimated at N54 billion ($36 million) with 15k confirmed bookings in the month of December. Estimated F&B revenue from guests was N13.5 billion ($8 million). The top 15 hotels, by our category, generated N10.5 billion in booking. Eko Hotel ranked the highest by value while Albergo Hotel is the new kid on the block in the top ranking.”
He added that Short-let Apartment bookings are estimated at N21 billion ($13 million) with 5,937 apartments booked in the month of December with an average rate of N120k per day.
Osebi explained that Eko Atlantic ranked the highest residential booking by value while Banana Island ranked the highest estate bookings by value.
The consultant said the Top 15 Lounge and Night clubs (1 in Ikeja, 1 in Surulere) generated N4.32 billion ($2.7 million) in sales. Average daily sales were N360 million at an average spend of N1.2m per table.
He said N4.5 billion ($2.8 million) is the estimated revenue from other recreational activities with beach and resort bookings accounting for 70% of this revenue.
He revealed that Ilashe/Ibese beach houses and Elegushi beach houses were the top two in revenue. Emerging players in this category are Giwa Gardens, and Lakowe Lakes & Resort, he added.
He said: “100 Event Centres surveyed earned N1.2 billion ($804k) in bookings in December from a total of 1,175 bookings in the month of December.
Eko Hotel & Suites ranked the highest in revenue by value while The Monarch Center emerged in the top ranking, he added.
Of the Car rental surveyed in Eti-Osa LG area, he said, N1.5 billion ($937,500) was earned from 750 high-end Car bookings at an average daily rate of N200k with daily rate up to N2 million per day.
Other recreational activities generated an estimated N20 billion ($13 million) with top 6 categories being Artiste Bookings, Food & Drinks, DJs and sound equipment, Dancers, Boat Rental, and fine-dining, he said.
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