Lagos Hotels Earn N54bn in ‘Detty December’ 2024, Report Reveals

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

The ‘Detty December’ season, which attracted both local and international tourists, had a significant economic impact on the city’s hospitality sector. Independent research showed that between November 19 and December 26, Lagos witnessed a surge in hotel bookings, with over 15,000 reservations, contributing to the record revenue.

Kayode Omosebi, CEO of MO Africa, attributed the boom to the large number of travelers, including nearly 90% of inbound passengers at Murtala Muhammed International Airport (MMIA), who were Nigerians living abroad returning for the holiday season. The report further revealed that Lagos welcomed around 1.2 million visitors during this period, with 60% of them being domestic tourists.

In addition to hotels, the growing popularity of short-let apartments added another N21 billion to the city’s hospitality revenue, stemming from nearly 6,000 bookings. Omosebi also noted a shift in the industry, with cryptocurrency payments gaining traction and agent-assisted bookings becoming more common.

Envisioning, Omosebi forecasts that by 2026, Detty December could bring in up to $2 billion in foreign exchange, contingent on addressing infrastructural and security challenges.