- Valentine’s Day has evolved into a major economic event in Nigeria, with heavy consumer spending driven by social pressure and expectations
- Flower sellers, restaurants, and hotels record significant revenue as couples book romantic dinners, hotel stays, and purchase bouquets
- While the Valentine boom boosts small and medium-sized businesses, higher prices during the rush often leave some consumers priced out of typical celebrations
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Every year on February 14, millions of people around the world celebrate Valentine’s Day, the day of love. In Nigeria, it is not just a season of love but also an economic event, during which significant sums of money are spent as an expression of love.
In Lagos, hotel rooms are fully booked by the first day of February, even though the D-day is 13 days away; restaurants and parks are sold out; vendors have their hands full with orders; and bakers are experimenting with different colours and flavours to help two love birds make a memorable taste.
Read also
Farmers give update on tomato prices ahead of Ramadan
Source: Getty Images
Nigerians tend to spend heavily on Valentine’s Day. A survey published last year by Nigerian Guardian found that many go beyond their budgets during the celebration, driven by social pressure and the fear of disappointing their partners.
Meanwhile, many small and large businesses profit from this annual season. Here are the businesses that make the most money from the love season in Nigeria.
1. Flower Sellers
Flowers, especially red roses, are among the biggest symbols of Valentine’s Day. In supermarkets and across social media platforms like TikTok and Instagram, they are everywhere this season. Although money bouquets are the latest trend in Nigeria, traditional flowers remain timeless and are unlikely to go out of fashion anytime soon.
Meanwhile, the federal government has reportedly banned the use of banknotes to create money bouquets, towers, and decorative cakes ahead of the 2026 Valentine’s Day celebrations, warning that such practices violate Nigeria’s currency laws.
Read also
20 fun facts about Japan: discover the land of the cherry blossom
A flower bouquet ranges from N15,000 to hundreds of thousands of Naira, depending on the flower quality and aesthetics.
2. Restaurants and Hotels
The most prominent expression of celebrating Valentine’s Day is usually a dinner date at a fancy restaurant or a couple of days in a hotel. Restaurants and hotels are among the biggest winners during this season of love.
High-end restaurants in areas such as Ikoyi, VI and Lekki are smiling to the bank in this season of love, while equally exquisite restaurants and hotels in Wuse 2, Maitama and Asokoro in Abuja are also cashing in on love.
Social media platforms like TikTok and Instagram reek of advertisements of themed decorations and calls for advanced reservations before February 14.
Hotels also create romantic packages that include decorated rooms, breakfast in bed, and complimentary wine, with rates higher than on ordinary days.
3. Gift Shops and Online Vendors
Ayomide is a shoemaker in Abuja, but in the last three years, she has been making substantial money from vending “Valentine packages” to and for lovers. “Many people do not have the time to go out and pick gifts or items they’d love to gift their partner, so we make it easy by picking different items in a box, and help them deliver it as a surprise to their lover,” Ayomide said, adding that she received over 20 orders this year.
Gift items such as teddy bears, chocolates, perfumes, and customised hampers are top sellers during the Valentine’s period. Small business owners who operate on Instagram and WhatsApp often see a sharp rise in orders, while seasonal vendors like Ayomide also join the bandwagon to cash in on Valentine’s Day.
Items like framed photos, engraved jewellery, flower and money bouquets, and clothing are some of the most featured gifts in this season. However, purchasing these items is often outsourced to vendors who are more familiar with the market and offer home delivery services. They make a good income from helping lovers deliver joyful surprises.
4. Confectionery Businesses
Cake, chocolate, and various other pastries are classic features in Valentine’s Day celebrations. Confectionery stores record higher sales during this period, as they help lovers create memories with colourful and flavoured heart-shaped cakes.
In commercial Centres like Lagos and Abuja, bakers sometimes work overnight to meet last-minute orders and charge higher rates.
5. Fashion and Beauty Services
Valentine’s Day is also big for fashion designers, tailors, makeup artists, and hairstylists. Many people want to look their best for dates, proposals, or photo sessions.
Boutiques record increased sales of red dresses, matching couple outfits, and stylish accessories. Makeup artists and hairstylists often get fully booked days before Valentine’s Day.
6. Event Planners and Decorators
Beyond gifts and dinners, many couples use Valentine’s Day as a special moment to take their relationship to the next level, with surprise marriage proposals and memorable romantic gestures. These activities are seldom possible without event planners and decorators, who help illuminate the venues with emotive glitters, balloons and rose petals
Some decorators offer packages that include candles, flowers, music, and photography. They make significant income during the Valentine’s season.
7. Delivery Services
Delivery riders have also been recent beneficiaries of the Valentine’s season. Ride-hailing drivers see more trips, especially in the evening, as couples move between restaurants, cinemas, and hotels.
Delivery services are equally busy. Florists, gift vendors, and cake sellers rely on dispatch riders to deliver items on time.
Source: Getty Images
Valentine’s Day – A boost for Nigeria’s economy
While Valentine’s Day is about love and affection, it also plays a role in supporting Nigeria’s small and medium-sized businesses. From roadside flower sellers to luxury hotels, many sectors record higher sales.
However, the Valentine boom is not without challenges. People who want these typical Valentine’s Day commodities or services are priced out. Businesses take advantage of the rush to maximise profits.
For many, it’s a day to express love to one’s partner or lover; for many others, Valentine’s Day is the day to boost their balance sheets, literally.
CBN warns against Naira abuse ahead of Valentine’s Day
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) warned Nigerians to stop spraying, mutilating, counterfeiting and hawking the naira.
The warning was issued a few days before the Valentine’s Day celebration, in which many lovers use the Naira for bouquets and various designs.
The bank also outlined ongoing reforms, including FX market unification and bank recapitalisation
Source: Legit.ng