Tourism: Lagos Economy Hits N50B On Transactions

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For the second year in a row, the Lagos State economy racked in a major, unprecedented boost of its economy in the entertainment, hospitality and creative sectors in four weeks of the yuletide season, Commissioner for Tourism, Arts and Culture, Mr. Steve Ayorinde disclosed yesterday.

Trends and reports monitored by the Lagos State Government over the four weeks in December, especially during Christmas and new Year, captured an estimated spending well above N50bn in cash transactions, a record slightly higher than December 2017 which also recorded a good run in travel, entertainment and leisure spendin
The monitored reports attributed the positive tren peak in entertainment activities; huge influx of people from neighbouring states, 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 press statement he signed and made availabe to journalists, 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 spendings of over N50bn within the entertainment and tourism sector in Lagos State alone.

“Like in 2017, last December in Lagos was hugely creative economy- friendly, which again affirms the State’s preeminence not just as West Africa’s commercial hub but also its entertainment nerve-centre,” Ayorinde said, adding that the beauty of this assertion is that the surge in the creative enterprise over the yuletide period was felt by all and sundry; was statistically measurable and is now a subject of discussion among analysis.

The Commissioner retreated there was a slight correlation between the horrific gridlock in some parts of Lagos during the yuletide season and the huge trading by residents and visitors leading to seasonal job provision and economic gains.

According to him, the high volume of economic activity that were directly related to tourism-related visits, entertainment and leisure accounted for a significant chunk of the total value of transactions in the State of 21million residents whose estimated GDP of $136bn in 2018 is regarded as the fifth largest in Africa, after Nigeria, South Africa, Egypt and Algeria.




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