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A few reasons why Italian companies should test Nigeria’s luxury market

It was valued at US$ 213 million in 2013, with auto, watches, private aviation, fine wines & spirits identified as its driving sectors

A few reasons why Italian companies should test Nigeria’s luxury market

Claudia Astarita

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No matter how strange this news may sound, it seems that Nigeria is the perfect destination for European luxury brands looking for new markets abroad.

Due to high import tariffs and the lack of infrastructures, experienced local retailers and human resources, it has been estimated that 90% of Nigeria's rich people shop abroad or make direct purchase orders through intermediaries.

Despite that, Nigeria's domestic luxury market was valued at US$ 213 million in 2013, with auto, watches, private aviation, fine wines & spirits as its driving sectors. Today, its raising interest for hotels, jewelry, fashion, accessories, travel, premium cards and private banking makes the country the perfect destination for luxury companies interested in strengthening their position (and revenues) abroad.

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