Fashola: Nigeria got 4% equivalent of its GDP in ‘Detty December’

Diaspora remittances from the just concluded seasonal ‘’Detty December” alone was equivalent to four percent of Nigeria’s gross domestic product (GDP), according to Babatunde Fashola, former minister of works and housing.

Speaking at the 55th convocation lecture of the University of Lagos (UNILAG), Fashola explained the importance of leveraging the country’s “Detty December” phenomenon to drive economic growth.

Detty December refers to Nigeria’s festive season, spanning mid-December through New Year’s Day. This period is marked by lively celebrations, social gatherings, parties, and festivities.

“If you use your search engine and enter Detty December, you will see an entry by Wikipedia, they’re already monitoring what’s happening. So you found out that in the month of December alone, remittances from diaspora is already equivalent to four percent of Nigeria’s GDP,” Fashola said.

He urged Nigerians to tap into these developmental opportunities to gain scarce dollar liquidity and prepare earnestly for the forthcoming one later this year, a failure which could drive potential tourists to other nations.

The two-time governor of Lagos State revealed that nations live on the sub-set of tourism referred to as MICE – Meetings, Incentives, Conferences and Exhibitions, stating that the last Detty December had opened a positive image for Nigeria.

“All of the young men and women who came here from other parts of the world are reliving their experiences on social media, so there’s interest in a place called Lagos, Nigeria. And we can expand it. And it’s for us to be deliberate, intentional and have a mandate around tourism,” Fashola said.

The former minister noted that while Detty December has opened the doors and brought about positive changes, Nigerians are not seizing the opportunity enough, questioning why the event should end in Lagos.

“How many of us are read to leave our homes, furnish them and rent them out during the period, because the demand will come and if we don’t respond, it’ll go somewhere else,” Fashola said.

A report by MO Africa Company Limited revealed that Lagos alone witnessed a staggering revenue spike during the Detty December period, with hotels, clubs, and recreational activities collectively generating over N100 billion, attracting approximately 1.2 million tourists.