Lagos economy records N50bn cash transactions from tourism in December

Tourism, entertainment and creative related activities generated cash transactions of over N50 billion in Lagos in December 2018, Steve Ayorinde, commissioner for tourism, arts and culture, says.

Ayorinde said 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 N50 billion, a record slightly higher than December 2017, which also recorded a good run in travel, entertainment and leisure-related spendings.

The monitored reports attributed the trend to the peak in entertainment activities; influx of people from neighbouring states, neighbouring countries, and holidaymakers from abroad who either chose Lagos as their primary destination or transit to other parts of Nigeria last December.

He said the figure was obtained from 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.

According to him, the 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 spendings in tow 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 now part of the tourism and entertainment ecosystem.