An awakening giant on the coast of West Africa, Nigeria’s mushrooming economy is set to see the highest average GDP growth in the world for the next four decades. It’s no surprise that much of that wealth will line the pockets of the upper echelons of Nigerian society, with an estimated 23,000 Nigerian millionaires expected within the next four years.
As we all know, with great wealth comes lavish luxury. The purchasing power of Nigeria’s new business owners and oil execs is attracting some of the biggest names in luxury retail, with sales of Hennessey cognac alone sending Nigeria into the list of top 10 consumer nations for the brand.
The Porsche showroom on Lagos’ exclusive Victoria Island is situated on one of the neighbourhood’s busiest roads, which is riddled with potholes. While the driving conditions may be a reminder that the country itself is not a high-end destination, Nigeria will certainly be adding more high-end resorts to cater to its affluent citizens and visitors.
Protea Hotels' five-star property in Victoria island is scheduled to open its doors by 2016
IHG started the luxury hospitality revolution in Lagos last year with the opening of the InterContinental Lagos on Victoria Island, which opened in September. Marriott has also been quick off the mark to respond to the needs of the MINT nation’s newly minted. Marriott-owned Protea Hotels is already breaking ground on an as-yet-unnamed five-star property in Lagos, adding another 400 rooms to the 700 it already has in the capital.
Meanwhile, the number of private jets is soaring across the Land of Beauty. According to insiders, the planes are flooding in ahead of heightened political activity around next year’s elections. Western private jet and charter aircraft companies are bracing for the boom in the Nigerian charter market as the 2015 elections draw near.
