Photos: Alexander Onukwue/Semafor/Wikimedia Commons
Adidas is expanding in Nigeria, making it the latest lifestyle brand to bet on the country as the economy shows cautious signs of recovery.
The opening this month of a 1,400 square meter store in Lagos — the German company’s largest in West Africa — is a bid to target upmarket Nigerians whose purchasing power has been less affected by the skyrocketing inflation that has squeezed many consumers in the last two years following devaluations of the naira.
Africa’s most populous nation has a large number of affluent shoppers relative to other countries on the continent, despite them making up only a small proportion of the country’s inhabitants.
“Nigerians have the purchasing power but people underestimate it,” Vincent Kangni, the store’s manager, told Semafor, adding that the store’s ambition is for people who travel to Dubai or Paris for quality retail services to experience the same at home.
Read on for more on efforts by companies to woo Nigerian consumers. →
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