CAPITAL VINTNERS MARKET REPORT: Nigeria
12th December 2012
Nigeria is now Africa’s second largest economy in Africa and will be the world’s fourth most populous nation by 2050. More importantly it has been reported that Nigeria’s wine industry will reach £230 million by 2015.
With an economy that is finding its feet – GDP has increased from $46 billion in 2000 to $247 billion in 2011 – and a growing middle class, Nigeria is one of the most exciting emerging markets in the world.
Nigeria is predicted to be the world’s second fastest-growing Champagne market between 2011 and 2016 (strong Champagne sales are generally a good economic factor for prosperity). With Europe struggling to make its way out of recessions, double-dip recessions and economic stagnation, the fine wine market must look to the economies that are going strong.
60 per cent of the Nigerian market is from European sales. With a soaring GDP, a wealthy middle class evolving, petroleum assets all over the country, and an obvious thirst for fine wine (in particular Champagne), Nigeria is sure to be a target for many savvy wine investment companies, including Capital Vintners, in the coming years.