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Detty in December
Good Morning, Chop Family!
Soon, Lagos will be glowing and money flowing. Itās getting to be that time of year when we can see in real time how consumer behaviour impacts GDP - pretty cool, huh?
Now save up and do your part!
š Trending Headlines
The United States has closed its doors to 19 nations identified as countries of concern. The Trump administration is ratcheting up its anti-immigration stance and has even halted citizenship ceremonies for those on the verge of gaining citizenship. | Trump sat down with the leaders of Rwanda and DRC to āforceā a peace agreement to end the hostilities between the two nations. A historic deal was signed, but time will tell if it will last. |
MARKET MOVES
BUSINESS
Russia is crushing on hot Ethiopia šā¦
Ethiopian Investment Holdings (EIH) has signed a massive $1 billion deal with the Russian aluminum giant RUSAL to construct a new 500,000-ton aluminum smelter.
This project, which could reshape East Africaās industrial landscape and operate for up to 50 years, is a major win for Ethiopia as it looks to cut import costs and for Russia as it deepens its economic footprint across the continent.
Earlier this year, Russian E-commerce giant Wildberries entered the Ethiopian market to help boost the digital economy sector.
Is Russisa trying to gain a foothold on the continent? It seems this is a safe approach to gain influence in the region. Do you trust the Russians over the Chinese or Americans?
š¢ļøUganda is about to join the oil club!
The East African nation just announced it has completed the minimum drilling requirements at the giant Albertine Graben oil project.
With 156 necessary wells drilled at the Tilenga and Kingfisher fields, the country is officially on track to start commercial oil production in the second half of next year, aiming for a peak output of about 230,000 barrels per day.
East Africa is not a prolific oil region, and South Sudan is currently the largest producer of crude oil with oil production volumes around 150,000ā160,000 barrels per day (bbl/day).
Kenya has vast reserves in its Lokichar Basin, and is gearing up for production in 2028.
Tanzania has major natural gas reserves, but crude oil production is very minimal.
So the door is wide open for Uganda to emerge as the major oil boss in the region. We are rooting for them and praying that they manage their resources accordingly.
FINANCE
š¬šGhana records 11 straight months of slowing inflation.
The key rates have dropped to 6.3% from 8% earlier this year. The inflation numbers are the lowest since 2021. Ghana has been slowly emerging from an economic crisis over the last few years, as food prices spiked, cocoa crashed, and the Cedi faltered.
Consumer confidence is growing, and lower food prices are mostly the reason. Market-level economics are a ārealā barometer of how things are actually doing.
And riding high off the falling inflation, Ghanaās central bank has slashed the main interest rates by a big 350 basis points to 18% in November 2025.
This drastic move is an indicator that the Ghanaian government sees the economic slowdown as officially over. We hope they are right.
TECH
The cell phone has gone through many iterations. From the big bulky bag phones, to the iconic side kicks and flip phones, to razor-thin pieces of glass that have more computing power than what it took to land on the moon.
So whatās next? Do we simply recycle whatās old and rebrand? Or do we innovate?
Samsung chose the latter. They said, āLetās think way outside the box, and give not one, two, but three screens.ā
The new Galaxy Z trifold is a nifty device that packs a lot of punch. It folds out completely to an impressive 10 inches and comes loaded with all the snazzy Samsung features and a big processor.
Samsung is looking to reinvent and reinforce its loosening foothold in a segment where Chinese firms are gaining ground. The foldable market is growing, and Samsung plans to remain the dominant player in the sector.
SMALL CHOP
Detty December
Tickets booked. Drip selected. Hotel confirmed. Cash on level. How is your checklist coming? Are you ready for Detty December?
Itās that time of year when we all come back home for a full month of indulgence. Parties, fun, food, family, and general enjoyment.
This is when Lagos is on fire. Parties until the sun comes up, suya overload, stunning babes wherever you go. Oh, yeah, we canāt forget that infamous Lagos traffic- ugh.
But did you know the economic impact of Detty December on the local economy?
The sudden and massive inflow of money ( most from the diaspora) charges the economy and artificially inflates prices in most sectors, especially hospitality, food, and entertainment. Check out some numbers:
Big boost to tourism & hospitality During the 2024 Detty December season, the city of Lagos raked in about US $71.6 million from tourism, hospitality, and entertainment alone, with hotels contributing around $44 million and short-let apartments adding another $13 million.
Nationwide ripple effect and estimated national injection ā The festivities pumped at least US $220 million into Nigeriaās broader economy in 2023, as returnees, travelers, and locals spent across entertainment, travel, food, transport, and services.
Visitor Influx: The season attracted approximately 1.2 million visitors to Lagos, comprised of both international tourists and domestic travelers, with returning diaspora making up a significant portion.
OK, so if you haven't prepared, please get yourself together, and we may see you there!
DISH OF THE DAY
  | WAAKYESince we were in Ghana to see if their inflation numbers were actually decreasing, we decided to hit the streets to test it out. We perused several street vendors and were pleasantly surprised by how far our USD carried us. Our eyes found Waakye, and we are glad they did. Waakye is an iconic street food that is a big fan favourite on the ground. It comprises rice and beans that are wrapped in sorghum leaves and tipped with a spicy sauce (shito) and with fried fish, eggs, and other meats. It was a great meal, and we definitely will be trying it again soon. |
Did You Know? The phrase āDetty Decemberā started on Nigerian Twitter around 2016, but economists now use it as shorthand for Nigeriaās annual informal-spending boom, where nightlife alone contributes over ā¦100 billion in December transactions.
Till next time,
Chop Team