Babatunde Raji Fashola, former Lagos State Governor and ex-Minister of Works and Housing, has disclosed that diaspora remittances during the 2024 Detty December festivities accounted for an impressive four per cent of Nigeria’s Gross Domestic Product (GDP).
Speaking at the 55th convocation lecture of the University of Lagos (UNILAG), Fashola highlighted the economic potential of the annual event, urging Nigerians to capitalize on the phenomenon to boost tourism and dollar liquidity.
The former Governor stressed that while Detty December has created immense opportunities, the nation is yet to fully leverage its economic benefits.
He warned that failure to harness the event’s potential could divert international tourists to other destinations.
Fashola emphasized the need for deliberate efforts to expand Nigeria’s tourism offerings, particularly during Detty December, which has gained global recognition.
“If you search for Detty December online, you’ll see even Wikipedia has taken notice. The remittances during December alone are already equivalent to four per cent of Nigeria’s GDP,” he stated.
Fashola also highlighted how the influx of visitors from the diaspora and other parts of the world showcases Nigeria’s vibrancy, particularly Lagos.
He called for residents to explore innovative ways to participate, such as renting out furnished homes to accommodate increasing demand during the festive season.
“All the young men and women visiting from around the world are sharing their experiences on social media, generating global interest in Lagos. We must be deliberate about expanding this interest into broader tourism opportunities,” he said.
Fashola urged Nigerians to see the event as more than just a festive period but as a strategic economic tool that can generate revenue and boost foreign exchange reserves.
He advocated for policies and infrastructure to support tourism, enhance visitor experiences, and position Lagos as a premier global destination during the holiday season.
