Mr. Gbenga Onitilo, the Managing Director of Travelden, a subsidiary of Finchglow Holdings Ltd, has raised an alarm about the negative impact of forex-based pricing on Nigeria’s festive period, popularly known as Detty December. Onitilo, speaking to newsmen in Lagos, highlighted how this pricing model is pushing up the cost of hotels, apartments, and event tickets, thereby making the Yuletide festivities unaffordable for many.

According to Onitilo, hotels, bars, restaurants, and event organizers have been inflating their prices, with some charging up to three times their usual rates. In addition, tickets for shows and events have been priced unreasonably high, leading to concerns about affordability, especially for those traveling from the diaspora.

The Impact of Forex-Based Pricing

Onitilo expressed concern that the pricing structure, which is now heavily reliant on foreign exchange (forex), has led to exorbitant costs. He explained that hotels and apartments, even those with available rooms, have raised their prices by as much as six times, as they are targeting visitors willing to pay in foreign currency. This trend, he argues, is undermining local affordability and potentially deterring visitors from spending their festive season in Nigeria.

Shift to Alternative Destinations

The travel expert pointed out that many Nigerians, as well as international visitors, are now looking to countries like Ghana and Rwanda as more affordable alternatives for their end-of-year festivities. These countries, according to Onitilo, are offering competitive pricing on accommodation, entertainment, and services, making them attractive options for holidaymakers.

Call for Government Action

Onitilo called on the government to step in and regulate the pricing strategy in the hospitality and entertainment sectors, emphasizing that such overpricing could negatively affect Nigeria’s tourism industry. He stressed that the current situation is distorting the festive experience for many, as prices are now disconnected from Nigeria’s economic realities.

He urged industry players and the government to work together to ensure that Detty December remains an affordable and accessible experience for everyone, particularly those coming from abroad.

Conclusion

The Detty December festivities, a period traditionally characterized by high levels of social activity, tourism, and entertainment in Nigeria, is now under threat from what Onitilo describes as exploitative pricing. The ongoing issue of forex-based pricing could shift the focus away from Nigeria, as travelers opt for alternative African destinations that offer more reasonable costs.