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Nigeria: a new opportunity for retailers

Sep 8th 2011, 08:17

08.09.2011

Nigeria: a new opportunity for retailers

The race for African retail dominance has begun. Nigeria, which is predicted to be the globe’s fastest growing economy between now and 2050, is a key destination. It is already clear which retailers are aggressively seeking their slice of the pie.

The country has a prosperous middle class, a positive growth outlook, and an increasingly stable and democratic environment. All of these factors make Nigeria, which is also Africa’s largest nation, a promising prospect for retailers.

With the ban on imported textiles recently lifted, specialist middle-income retailer, Pepkor, has wasted no time in setting up shop and plans to spend at least R100 opening 50 outlets. Clothing retailer, Mr. Price, is set to open stores in Nigeria as well.

Shoprite, South Africa’s largest food retailer, has been present in Nigeria for about six years and is preparing to open 10 new outlets. SPAR entered the market last year and is expected to develop their model in the region.

Modern shopping malls are opening in Nigeria’s larger cities, which is a catalyst for investment by retailers across all sectors. Suppliers will also benefit from the development of a more stable retail environment, already global food manufacturers have made significant investments in the region and that trend is set to continue.

Refer to Retail in Nigeria and Retailers scrambling for Nigeria for more insights.

Yours in Retail and FMCG

Wendy Smith

P.S. Look out for this editorial on our editor’s blog.

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