Valentine’s Day: Nigerians Spend N30bn On Gifts, Luxury Items

Valentine’s Day: Nigerians Spend N30bn On Gifts, Luxury Items

The Saint Valentine’s Day celebration marked globally may have cost Nigerians about N30 billion spent on purchase of gifts and luxury items to loved ones.

Valentine’s Day, or St Valentine’s Day, is celebrated yearly across the world on February 14. It is the day when people show their affection for one another or people by sending cards, flowers or chocolates with messages of love.

Speaking on a live Television programme- Business Morning monitored on Channels TV yesterday, Senior Economist, SPM Professionals, Mr. Paul Alaje, said that it was estimated that about 40 percent of the country’s 200 million population will spend an average of N5,000 to celebrate St Valentine’s Day.

Alaje explained that the confectionary, entertainment, telecommunications, beverages and drinks and the flower industry will be major beneficiaries of N30 billion figures to be spent. Many families and loved ones would buy cakes, visit the cinemas, restaurants and also purchase Rose flowers in bid to make the celebration a memorable one.

The economist further explained that the Information Communication Technology (ICT) sector is also a major beneficiary as many Nigerians will make voice and internet calls while others will opt to send text messages, adding that those without internet subscription and call credit would be forced to recharge same.

A member of the economic think tank, Financial Derivatives Limited, Temitope Olugbile, said those in the business of ballons and chocolates will equally be making brisk business.

However, she regretted that Nigeria was not getting much value from its cocoa as the major chunk of it are exported and later imported back into the country as chocolates, thereby creating jobs for other citizens of the world.

In Lagos, some of the restaurants and confectionary outlet visted by Daily Sun, recorded huge turn out of customers as long queues of customers were seen making frantic efforts to make payments for products bought. At the popular Ikeja City Mall at Alausa, Ikeja, young lads were seen in most stores buying perfumes and clothings, while others in the restaurants were having fun time with their friends and loved ones as at launch time.

The Shoprite store at Alausa also made huge sales as all the cashier points had long queues of customers waiting in line to make payment for items bought. Meanwhile, Americans according to a new survey, will be collectively spending a whopping $30 billion on gifts for their families, partners, and themselves for the Valentine Day.
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