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The African Market Engagement Series

Spotlight on the Nigerian Market

One in every four African is a Nigerian. Although Nigeria has not traditionally been synonymous with luxury, affluent Nigerians have become well known as huge consumers of luxury. This presents a truly compelling proposition, with vast opportunities for companies seeking to engage new markets.

The Market Opportunity​

  • Total private wealth held by African households is $4,946 billion

  • Approximately one in every four Africans is Nigerian

  • Nigeria and South Africa are the two largest economies in sub-Saharan Africa 

  • The number of African millionaires is likely to increase by 75% from 276,000 to 483,000 in 2025

  • Between 2000 and 2019, the wealth share of emerging economies more than tripled from 9.3% to 30.3%

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* Source: Credit Suisse, Global Wealth Report 2021

The Luxury Network Nigeria
In July 2017, our team facilitated the highly-anticipated launch of The Luxury Network in Nigeria, at the Porsche Showroom in VI, Lagos.

The Luxury Network is one of the world’s leading private Business Club for luxury brands and high-end businesses, with offices across Europe, Australia, Asia, the Middle East and America. Supported by the UK Department for International Trade, the core objective of the Nigerian office is to identify, promote and support strategic B2B and B2C networking and collaboration, both inside Nigeria and internationally, to build relationship with the Nigerian luxury market and consumer.

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The Proposition
Capitalising on many years of extensive and substantial groundwork, we help accelerate soft-entry into the Nigerian market, with our unique style of client engagement projects, specially curated to the specific tastes and preferences of the affluent Nigerian.
 
Since launch, we have worked with the TLN Nigeria team to facilitate a number of cutting-edge projects with brands such as Porsche, Harrods, Visa, UBA, Fidelity Bank, The Seattle Residences and Spa, The Wheatbaker Hotel, Capital Club, Montaigne Place, The George, Wells Carlton, the Financial Times, Roja Parfums and Bicester Village Shopping Village, helping luxury brands engage with the Nigerian HNI consumer. Visit The Luxury Network Nigeria to find out more 

Contact us to explore solutions for your organisation in Nigeria, or to engage a UK-based Nigerian audience.

We look forward to hearing from you.

“In business, I think the most important thing is to position yourself for long-term and not be too impatient, which I am by nature, and I have to control myself.”
Bernard Arnault, Chairman and CEO, LVMH

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