Market News

BY  Chinedu Eze

Many foreigners who travelled to Nigeria during the last Christmas and also Nigerians in Diaspora, took the advantage of the low exchange rate of the local currency, the naira to access luxury products and services at prices that were far cheaper they would have had them outside Nigeria.

Group Managing Director of Finchglow Holdings Limited, Bankole Bernard stated this during an interactive session on the review of 2024 activities and preview of 2025 in the Nigerian travel industry at the weekend.

He said that Nigeria’s weak currency was what created Detty December and the influx of foreigners into the country during the Yuletide season and suggested that Nigeria should build on it and develop a very viable tourism industry where foreigners and Nigerians in Diaspora will make Nigeria a destination at the end of every year.

Bernard noted that their visit boosted ancillary services from hotels to recreational centres and other places, adding to heavy air travel that built up during the period.

“Our weak currency was the major factor that created Detty December for us. Nigeria became an affordable place to go, which was good for us. A lot of people, including myself are already planning for the next December. Detty December also confirmed that despite insecurity in some places in the country, Nigeria is generally safe,” he said.

Bernard also spoke about safety in Nigeria’s airspace and how many Nigerian airlines have gone through the rigours of safety audit conducted by the International Air Transport Association (IATA) and passed the audit to obtain IATA Operational Safety Audit (IOSA) certification that brings them up to per with international carriers in the area of safety status. 

Looking back, Bernard said 2024 started on a shaky note with the trapped fund and other challenges and commended the Tinubu administration for floating the naira, saying that the issue of trapped fund has become a thing of the past with the current fiscal system and policy.