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Friday, July 1, 2022

Spotlight on the business of Luxury in Nigeria

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The most populous country and arguably the largest economy on the continent, Nigeria is widely regarded as an African powerhouse. Rich heritage, a rising consumer class and the growing youth population are all working in the country’s favor to birth a modern luxury economy.

Nigeria’s luxury sector has experienced consistent growth in recent years with an increasing number of international brands across automotive, fashion and hospitality making expansion in
the country a priority.

While there is still much work to be done to address the immediate challenges of building and sustaining a luxury brand in the Nigerian market, companies that do break the mould, with fresh thinking and an innovative approach to doing business in the country, will turn challenges into opportunities.

“To succeed in Nigeria, businesses need to adopt a collaborative strategy, an understanding of local market dynamics, and a true assessment of the prerequisites for success in the market.

There is therefore a first-mover advantage for companies who can
successfully forge the right alliances and strategic partnerships. These companies will mitigate the risks and capitalize on the opportunities in Nigeria”.

Who are the current players in the market? What exactly are the challenges versus opportunities, and what is the mid to long-term economic outlook for Nigeria? As brands search for new ways
to prove their commitment to sustainability, what solutions to ethical luxury can Nigeria provide to the industry? How can foreign investment contribute to the development of the country and local communities? How can brands engage the growing Nigerian population in the diaspora?

An Inspiring Conversation on the Future of Luxury will shine a spotlight on the state of Nigeria’s dynamic luxury sector with insights from global brands, retailers and pioneering visionaries on overcoming the barriers to entry, ethical luxury practices and building transparent, sustainable and value-driven business partnerships.
Source: Cas Ojo

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