The Business of Fashion Op-Ed: Luxury Brands Are Wrong to Ignore Africa

View of Victoria Island, Lagos, in Nigeria | Photo: Bill Retherford

Earlier this year, Nigeria became Africa’s largest economy and the 26th largest economy in the world, valued at $509 billion, based on GDP figures that were recalculated using a base year of 2010 instead of 1990.

Given Nigeria’s new status, as well as its new crop of millionaires and billionaires, who have become wealthy through oil (Nigeria is the 11th largest oil-producing nation in the world), Nollywood entertainment and other business ventures, one might assume that major luxury good companies would turn their attention towards Nigeria, as well as other emerging markets in Africa, as an important source of opportunity. That, however, is not the case.

Read more: Op-Ed | Luxury Brands Are Wrong to Ignore Africa – BoF – The Business of Fashion.