As Valentine’s Day Clashes With IPOB’s Sit-at-home, Huge Business Losses Loom in South East
- The Monday sit-at-home usually enforced by the proscribed Indigenous People of Biafra is expected to cost business owners billions in revenue on Valentine's Day
- Hotels. hangout joints and other reveling points will be shut down as the group seeks to impose its usual sit at home to protest the continued incarceration's of its leader, Nnamdi Kanu
- Available data shows that businesses in other climes add billions to the economy on Valentine's day
The business windfall Valentine’s Day offers hoteliers, drinking joints, restaurants, eateries, boutiques, transportation and many other sectors of the economy, which will be missed in the South East on Monday, February 14.
The Indigenous People of Biafra (IPOB), will rigidly enforce its Monday sit-at-home mandate, and may not ease it for any Valentine’s Day celebration, even though, the group’s leader, Nnamdi Kanu has said he did not direct the sit-at-homes.
Source: Getty Images
Why the sit-at-homes
IPOB is protesting the trial of its leader, Mazi Nnamdi Kanu, and may not heed the pleas of revellers to ease movements because of Valentine’s Day.
PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app
In the past, IPOB had locked down the South East and denied students taking part in a particular WAEC examination which clashed with the Monday sit-at-home. Ease of movement on Monday is out of the question.
Valentine’s Day is a one-day spending event. Lovers break the bank to express their love, especially the young ones.
Data but no data on Valentine's day spending
There is no reliable data available in Nigeria that shows the spike in spending on Valentine’s Day, so they may have to cite data in other climes to make the point as spending behaviours on Valentine’s Day may be similar everywhere.
In 2019, the National Retail Federation in the United States of America reported that Valentine’s Day shoppers added N85.9 billion to the economy, compared to N7.9 billion in 2018.
On Valentine’s Day, there is always a spending vibrancy on gifts, drinks, transportation, food, hotel lodging, nightclubs, and even on illicit kinds of stuff like drugs and condoms.
The reason for the spending bazaar around Valentine is because love is said to be an expensive adventure, and Valentine’s Day offers lovers an opportunity to prove that point.
But while lovers make the point about their love with their pockets, businesses make a kill. But in the South East, the largest trading economy will have to take the hit again, but hoping that by next year’s valentine, the Nigerian government and IPOB may have come to an amicable resolution of the dispute.
Americans spend more than half of Nigeria's budget on Valentine gifts
Legit.ng has reported that there are so many interesting facts about Valentine's Day. Legit.ng has singled out a few funny and interesting ones for you to read and enjoy.
What American's spent on buying gifts on February 14, 2021, is more than half of Nigeria's total federal budget for the year 2022.
They spent the princely sum of $21.8 billion on gifts for their loved ones. Not only that, the amount they spend on buying Valentine gifts for pets has also grown from $450 million in 2010 to more than $1.7 billion. Cool right?
Source: Legit.ng
