The depreciation of Nigeria’s local currency, the naira, significantly influenced international tourism and spending in the country last December. Many foreigners and Nigerians in the diaspora took advantage of the favorable exchange rate to enjoy luxury products and services at much lower prices than they would have paid abroad. According to Bankole Bernard, Group Managing Director of Finchglow Holdings Limited, the surge in visitors contributed to the phenomenon known as “Detty December,” making Nigeria a key destination for end-of-year celebrations.
Bernard highlighted that the influx of tourists had a positive impact on various industries, particularly hospitality, recreation, and air travel. He emphasized that despite concerns about security, Nigeria remains a relatively safe destination, and many travelers are already making plans for the next festive season. He suggested that the country should capitalize on this trend by developing a robust tourism sector that can attract even more visitors annually.
Additionally, Bernard commended Nigeria’s aviation industry, noting that many local airlines have successfully passed the rigorous International Air Transport Association (IATA) safety audits, obtaining the prestigious IOSA certification. Reflecting on economic challenges earlier in 2024, he acknowledged that the year began with difficulties related to trapped airline funds. However, he praised the Tinubu administration for implementing a floating exchange rate policy, which has resolved the issue and stabilized the fiscal system.
