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Tourism: Lagos economy records over N50bn transactions

Aerial view of Lagos

For the second year in a row, trends and reports monitored by the Lagos State Government over four weeks in December, especially during Christmas and New Year festivities, captured an estimated spending well above N50bn in cash transactions, a record slightly higher than that of December 2017, which also recorded a good run in travel, entertainment and leisure-related spending.
 
The monitored reports attributed the positive trend to the peak in entertainment activities; huge influx of people from neighbouring states, neighbouring countries and holiday makers from abroad, who either chose Lagos as their primary destination or transit to other parts of Nigeria last December.
 
In a statement, the Commissioner for Tourism, Arts and Culture, Steve Ayorinde said various reports, statistics and analyses monitored across Immigration office, banks, aviation, hospitality and leisure parks; food, beverage and distribution businesses, as well as event venues, shopping malls and cinema box office earnings captured an estimated direct spending of over N50bn within the entertainment and tourism sector in Lagos State alone.
 
He said reports monitoring the prevailing December trends showed an unprecedented footfall influx of more than three million people entering Lagos in December alone.

With a multi-billion naira spending in hotel lodgings, local in-bound flights and taxi/chartered transportation, alcohol and beverage consumption; culinary business; visits to resorts, parks, clubs and lounges, live theatre and cinemas; concerts and clubs, as well as ancillary businesses like fashion and clothing, kiddies’ games and toys, and private security guards, which are all part of the tourism and entertainment ecosystem.

 

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