I honestly don't think this is fantastic news considering the level of poverty and all other ridiculossness going on in the country.
According to a recent CNN Feature, Nigerians have emerged as big spenders in the international market.
In the story titled “Nigerians shop till they drop in London“, visitors from the Middle East were typically described as those that spend the most, but they now have a surprising new contender – Nigerians.
The report further talks about the increase in the number of Nigerians travelling to the UK yearly and how UK retailers have taken advantage of this growth.
The UK is a popular travel destination for Nigerians visiting friends and relatives, going on holidays or conducting business. Daily flights between Nigeria and the UK have increased in recent years, with airlines such as British Airways allowing Nigerian customers an additional 23kg of baggage free of charge.
According to the UK’s Office for National Statistics, some 142,000 Nigerians visited the UK in 2011, spending an average £107 ($172) per day.
From January to September last year, Nigeria’s tax-free spend in the UK grew by 11% year on year, according to tourism services provider Global Blue.
UK retailers have noticed this trend and some of them have responded by tailoring their offerings to their growing Nigerian customer base.
One such collaboration seeking to further engage the growing number of Nigerian customers is that of the department store Selfridges and Style House Files. The Lagos-based fashion company has just opened an installation inside Selfridges, giving Nigerian designers a chance to widen their market and showcase their creations outside the West African country.
Omoyemi Akerele, director of Style House Files, says that Nigeria is an emerging market and Nigerians are among the five biggest spenders at the department store.
She says that although the reality in Nigeria is that most people live in poverty, the rise of sectors such as telecommunications and the diversification of the Nigerian economy beyond oil and gas has created an emerging middle class with bigger spending power.
“Their earning capacity is increasing and they’re spending on more things and not just the basic food and clothing. They’re getting on a plane and coming to London to buy things they cannot immediately find in Nigeria.”