Nigeria’s $20 billion Event Industry
Let’s be honest, Nigerians love events. Any opportunity to create an event and party, they’ll take it! From very trivial and comical parties such as celebrating “washing” a new car, “washing” a new relationship or a COVID-19 survival party, to more logical events like weddings and celebrating a new contract, the “next party” is never too far away in the thoughts of Nigerians. This constant craving for parties holds massive potential for a highly lucrative events industry.
The makeup of the Nigerian Events Industry
Nigerians are creative and continue to come up with all sorts of events to celebrate or party about. Over the years, Nigeria has always been seen to easily adopt certain aspects of foreign cultures especially Western cultures and traditions. This is particularly evident in recent times. For instance, in the past couple of years, the Halloween event marked by many Western countries has also been adopted and marked in Nigeria. However, we can categorize these events into the following major groups:
- Weddings (including the very flamboyant ones)
- Concerts
- Corporate events
- Fashion shows
- Food and Drink exhibitions
- Art exhibitions
- Small private gatherings
The Numbers Behind the Industry
You could easily argue that weddings are the true superstars of the Nigerian events industry, not just because of the volume of them but also because of how flamboyant and intentional they could be. According to TNS Global, Nigeria’s wedding industry is estimated to be worth millions of dollars, and wedding costs could range from N5–100million.
Nigeria’s event industry was valued at $20billion in 2015 and is said to be among the most extravagant in the world. A survey carried out in 2015 also revealed that Lagos hosted over 20,000 events per month in 2015 with expected earnings to amount to $300,000,000 annually. An average Nigerian company or middle-class family spends over $15,000 per event. And about 2,000 events per week take place in Lagos including the most remote locations.
Still in doubt about the fact that Nigerians love to party? So the question is, how do you take advantage of this lucrative industry? The truth is that the pie is big enough for everyone who cares to come to dine. From investing in events to being an event organizer or even an event compere or host, there’s a party pack for everyone.
If you have an event in mind and you’re looking for a one-stop shop to find top speakers and event organizers, then speakspire.com is a great place to start. SPEAKSPIRE is an online platform that connects professional Speakers, Event Organizers, and Hiring Individuals/Organizations and lets them seamlessly interact. SPEAKSPIRE reviews profiles of registered Speakers and Event Organizers and assigns to them a ranking according to their pedigree, taking the stress off you and saving you time. Once you have found the Speaker or Event Organizer of your choice you can easily contact them and close the deal. No commission charges! Signup for free now and get involved in Nigeria’s $20billion event industry.
