The Managing Director of Travelden, a subsidiary of Finchglow Holdings Ltd, Mr Gbenga Onitilo, has warned that excessive pricing tied to foreign exchange rates is threatening Nigeria’s popular end-of-year festivities, widely known as Detty December.
Speaking to journalists in Lagos, Onitilo said hotels, short-let apartments, restaurants, and event organisers are increasingly charging in foreign currency or pegging prices to forex rates, a trend he described as unsustainable and damaging to tourism.
According to him, the sharp rise in costs is already driving potential visitors away from Nigeria, with many opting for more affordable African destinations such as Ghana and Rwanda.
Overpricing Driving Visitors Away
Onitilo expressed concern that while many businesses prepared extensively for the festive season, pricing practices have become excessive and disconnected from Nigeria’s economic realities.
“What we have witnessed this year is pricing being taken out of order,” he said. “Bars, restaurants, and even hotels are charging up to three times their normal rates. Show tickets are priced far above what is reasonable, and this is affecting affordability, even for people coming from the diaspora.”
He added that accommodation providers, including hotels and serviced apartments with available rooms, have increased their rates by as much as six times in anticipation of foreign-spending visitors.
“They are now pricing based on forex, not based on our local economic realities. This is pushing people to consider travelling to other countries instead,” Onitilo noted.
Call for Government Intervention
The Travelden boss urged the government to step in by introducing clear regulations and working closely with industry stakeholders to prevent price exploitation and protect Nigeria’s tourism appeal.
“For this year’s Detty December, one of the major challenges we have seen is overpricing,” he said. “It is something government needs to look into if Nigeria wants to remain a top festive destination, especially for visitors from the diaspora.”
Detty December has become a major cultural and economic highlight, attracting thousands of local and international visitors annually. Industry watchers warn that unchecked forex-based pricing could erode its reputation and long-term sustainability.
About the Author
