Former Lagos State Governor, Babajide Fashola has emphasised the transformative potential of tourism and diaspora remittances to boost Nigeria’s economy, especially during the festive season.
Speaking at the 55th convocation lecture of the University of Lagos (UNILAG) on Monday, Mr Fashola explained the importance of leveraging the country’s “Detty December” phenomenon to drive economic growth.
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Mr Fashola, who is the Chairperson of the convocation lecture, noted that tourism during this period, coupled with diaspora remittances, “already contributes 4 per cent to Nigeria’s GDP,” urging stakeholders to explore intentional strategies to capitalise on this seasonal economic potential.
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.
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The convocation lecture themed: “Universities as Hubs for Development and Wealth Creation” was delivered by the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Oluwatayo Aduloju.
‘Detty December’ potential
According to Mr Fashola, ‘Detty December’ has the potential to enhance the country’s international image and create economic opportunities, particularly in the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector.
He encouraged Nigerians to prepare for future events by investing in accommodation and related infrastructure, highlighting the potential for residents to rent out their homes and earn income during tourism events.
He also emphasised the need for intentional efforts to capitalise on tourism opportunities, citing the positive impact of recent events on Nigeria’s international image.
“Tourism has a vast value chain,” Mr Fashola noted, stressing the need for investment in accommodations, transportation, and other hospitality-related infrastructure to meet demands during peak tourism periods.
Lagos Earnings
In December 2024, the hospitality sector, including hotels and restaurants, experienced high occupancy rates in major cities like Lagos, Abuja, Port Harcourt, and Calabar.
The report highlighted the significant economic impact of Lagos’ “Detty December,” which attracted 1.2 million visitors, 60 per cent of whom were domestic tourists driven by insecurity in southeastern Nigeria.
This influx spurred a surge in hotel bookings and short-let apartment rentals, pushing Lagos’ December hotel revenue to N54 billion from 15,000 bookings.
In total, the tourism and entertainment sectors generated N111.5 billion in Lagos during December 2024.
Universities as hubs for wealth creation
In her welcome address, the Vice-Chancellor of UNILAG, Folasade Ogunsola highlighted the need for universities to fulfil their social contract by providing manpower, generating knowledge to address societal problems, and driving technological innovation.
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Mrs Ogunsola emphasised that the conventional view of universities as “an ivory tower of intellectual pursuit is increasingly outdated”, noting that instead, universities must actively contribute to societal progress and wealth creation.
“The questions we constantly ask ourselves at the UNILAG are: How do we optimise the talent in our universities?
How do we convert knowledge into policies, devices, and enterprises that drive development? How do we produce value that drives wealth creation?” she said.
She noted that the convocation ceremonies commenced on 10 January with a special Jumaat service and an exhibition showcasing innovative works by staff and students.
55th UNILAG convocation
The convocation continues on Tuesday with the award of first degrees and diplomas, during which two students, Damilare Adebakin and Samuel Badekale, will be honoured as the best-graduating students.
She also announced that the university will graduate a total of 16,409 students, adding that three distinguished individuals will be conferred with honorary doctorate degrees.
They are Ngozi Okonjo-Iweala, the director-general of the World Trade Organisation (WTO); Fola Adeola, co-founder of Guaranty Trust Bank (GTBank Plc), and Kolawole Adesina, the group managing director of Sahara Power Group.
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