A Detailed Analysis of the Nigerian Events Industry.

Total spending for events worldwide has reached an average of $650 billion annually.

<p> <p>The events industry has grown at an average pace of 6.2% each year globally since 2003 It’s projected to grow 5.5% per year from 2011. In the United States alone, about 1.8 million meetings and events take place yearly amounting to $280 Billion dollars in spending (Meeting professionals International) <p> <p>http://www.unocasaltd.com/on-demand-hr/ <p>Pegged at $20 billion (N8trn), the events industry in Nigeria is estimated to be among the most extravagant in the world. Even more revealing is the fact that venue rentals subniche is worth about 25% ($5bn) — more reason why it is baffling how little attention is given to the work that goes into securing venues. <p> <p>Some $17 million was spent on parties in Lagos over a five-month period in 2013 alone, at least one-fifth of them weddings, according to TNS Global. <p> <p>Statistics have it that an average Nigerian company or middle-class family spends over $15,000 per event. With Lagos State alone reportedly hosting over 20,000 events monthly in 2015, expected earnings amount to about $300,000,000 annually. <p> <p>This is asides the several events being held outside of Lagos. Forbes then tells us that Nigerian elites themselves spend an average of $2 million on their dream weddings. <p> (Source: Unocasa) <p>Its recent growth has contributed to the spontaneous growth in so many business verticals from event planning to the venue, to photography, and lets not forget food and many more services along this massive value chain. <p> <p>Depending on the Human resources location and the space available for the event, some of these venues come with a heavy price tag. The venue is a key factor in planning any event and it can determine the date of an event, depending on its availability. The type of occasion and preferred theme, determines the décor and design of the venue. <p> <p>Often times, the pricing and choice of venue is subject to the number of guests expected at the event.

Meaning, the more the number of guests, the bigger the venue and the higher the price. Also, a venue here could be priced for as high as ₦4 million, as is with the popular Lekki Coliseum — an event centre in Lekki, with 2 banquet halls that can conveniently hold a thousand guest respectively. <p> <p>When a person rents an event centre, he often pays in advance but when a person is a tenant, he may choose to pay his rent in arrears or delay the payment of rent. <p>By far weddings are the most common use of event venues, especially in Africa (source: Lagos Postal Codes in Nigeria)

It is estimated that more than 5 million weddings take place in Africa’s cities and towns every year. <p> <p>According to My Postal codes on the average, about 30 percent of wedding budgets are spent on the reception or wedding venue. Depending on the country and location, the average wedding budget in many cities on the continent could be anywhere between $4,500 and $40,000 and most families and young people save up (and often borrow) for the big event. <p> <p>This often makes it the most expensive part of nearly all weddings. In Lagos (Nigeria) for example, depending on its location, size and features, wedding venues can go for anything from $1,000 up to $20,000 per day! <p> <p>Source: RicheeTech

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