Valentine’s Day: Nigerians spend N30bn on gifts, luxury items

Valentine’s Day celebration marked globally may have cost Nigerians about N30bn on the purchase of gifts and luxury items for their loved ones, according to Senior Economist, SPM Professional, Mr. Paul Alaje.

Mr. Paul Alaje, while speaking on live TV, said that it was estimated that about 40 per cent of the country’s 200 million population will spend an average of N5,000 to celebrate February 14th.

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.

He added that many families and loved ones would buy cakes, visit cinemas, restaurants and also buy Rose flowers to make the celebration memorable.

The economist also explained that the Information and Communication Technology (ICT) sector was also a big beneficiary, with many Nigerians making voice and Internet calls, while others would opt for sending SMS, adding that those without Internet subscription and call credit would be forced to recharge even.

READ ALSO: Kenyans have a slightly better quality of life than their Nigerian counterparts – Reports

According to a new poll, Americans will collectively spend $30bn on gifts for their families, their partners and themselves for Valentine’s Day.

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