Visa has released new consumer spending insights showing that seasonal spending in Nigeria rose by about 20%, highlighting stronger activity during key festive and cultural periods such as Ramadan and Eid celebrations. The findings are based on the Visa Consulting & Analytics Retail Spend Monitor, which tracks payment trends across retail, travel, and everyday spending categories.
According to the report, the 20% increase in seasonal spending reflects a combination of higher consumer demand for essential goods, increased travel activity, and stronger spending on food and hospitality services. The data also shows that spending patterns shift significantly during festive seasons, with consumers prioritising groceries, dining, and family-related purchases ahead of celebrations.
The insights reveal that international visitors to Nigeria also contributed to the growth, with inbound travel spending rising sharply during the seasonal period. At the same time, outbound travel from Nigerian consumers increased, particularly to destinations such as the United Kingdom, Saudi Arabia, and France. These trends suggest that holidays and religious observances continue to play a major role in shaping cross-border spending behaviour.
Visa noted that spending typically peaks around major festive moments, with transactions increasing noticeably in the days leading up to celebrations. Food and restaurant spending recorded some of the strongest growth, reflecting social gatherings and increased consumption during festive periods. Late-night transactions also rose, indicating changing consumer behaviour during holiday seasons.
Industry experts say the findings highlight how digital payments are increasingly capturing seasonal demand in Nigeria’s growing cashless economy. The report also underscores the importance of flexible payment systems that can support spikes in consumer activity during peak periods.
Overall, the 20% rise in seasonal spending points to stronger consumer confidence and a growing reliance on digital payments, especially during culturally significant periods that drive higher economic activity across multiple sectors.
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