Nigerians will soon be able to invest in companies such as Apple Inc. and LVMH Moet Hennessy Louis Vuitton SE in their local currency at their local bourse.
Wealthy Nigerians used to travel abroad to get their fix of luxury goods. However these days, they can take a stroll around Victoria Island, an exclusive neighborhood in Lagos where brands like Porsche, Hugo Boss, and Ermenegildo Zegna line the streets.
For readers of a certain age, the name of Africa will never sit comfortably alongside the word luxury.
As the ranks of black middle and upper classes have swelled in the 20 years since South Africa’s first democratic election, so too have the aspirations of a wealthy new elite.
The luxury sector has been adjusting to what some analysts call the “new normal”. After growing at 10-13 per cent a year in 2010, 2011 and 2012, rates were already slowing last year, and are forecast to settle at between 4 and 6 per cent.
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.