- Multi-award-winning international superstar Rapper Cardi B is in Lagos on Dec 7th
- She will be headlining the Livespot X Music Festival at Eko Atlantic in Victoria Island
- She is rumored to have been paid between $300,000 to $500,000 to perform
- Other acts include popular Nigerian artists Tiwa Savage, Niniola, Seyi Shay, and Burna Boy
- Is a ticket to this show worth N5,000 ($13) or N30,000 ($83) or N100,000 ($277)?
Will Cardi B bring more Foreign Direct Investment (FDI) into Nigeria?
A tongue-in-cheek tweet suggested Cardi B would attract more dollars to Nigeria than President Buhari. A comment on her instagram page where she posted a picture of herself posing at the Ajose Adeogun-Eko Hotel Roundabout in Victoria Island served as evidence that this just might be true.
Weaker exchange rate allows Cardi B to "flex" at exotic dancer club Silver Fox in Lekki
The Naira is currently trading at N360/$ although some suggest it is overvalued due to the ever present interventions in the foreign exchange market by the Central Bank of Nigeria. Foreigners like Carbi B who bring in dollars into the country would get more Naira to spend. If Cardi B brought in $10,000 to Nigeria this weekend, that's N3.6 million to spend. Three years ago when the Naira was trading at N155/$, that would have been N1.5 million. Since Cardi B was an exotic dancer herself in a former life before she took the rap world by storm, she went to Silver Fox in Lekki to "make it rain" on friday night, December 6th. The currency pictured is stacks of N200 notes which was recorded on her instagram stories.
Opportunity cost: Should you spend N5k, N30k, or N100k on a ticket?
Three years ago, your N5k (regular) for a concert ticket was worth $32. Today it is worth just $13. A N30k ticket (VIP) three years ago was worth $193. Today it is worth $83. A N100k ticket ("Golden circle") three years ago was worth $645. Today it is $277.
The purchasing power of Nigerians has basically been cut in half. So how many can afford to pay N30,000 on a concert ticket? The opportunity cost of N30k on a concert ticket is foodstuff for an entire month. By the way, the border closure means food prices have increased so your N30k won't buy as much food this December as it did in early August before the land borders were closed.
N30,000 can also pay the monthly salary of some domestic staff like a househelp or get you four used tires (at N7k to N8k each) for your four-door sedan. Decisions, decisions.....
What about N100k on a ticket for the "Golden circle" experience which takes you right to the front of the stage to experience Cardi b performing and comes with food and drink? To millions of Nigerians, the idea of spending their monthly salary or twice their salary on a concert ticket is laughable.
However, this is the festive season. A time to let your hair down and blow off some steam after a challenging year in Africa's most populous nation. Seeing one of the world's biggest artists live in the flesh is a once-in-a-lifetime opportunity for many that don't have the means to travel. Plus the fact that Cardi B showcased a part of Victoria Island to her 55 million instagram followers around the world and also spent hundreds of thousands of Naira in one night supplementing the incomes of several exotic dancers is enough of a reason to go out and support her.
A N5k ticket sounds reasonable. Go enjoy yourself with friends (it's always advisable to attend concerts in groups) and have a blast.