Nigeria has been ranked as the 4th world leading purchasing luxury goods economies, Executive Director, Polo Limited, Ms Jennifer Obayuwana, has disclosed.
She stated this while discussing the growing trend of luxury goods in Africa’s retail market at the 2014 Women Inspiration and Enterprise, WIE held in Lagos.
According to her “The recent reports (2013) from the Global Tax Company has positioned Nigeria as the 4th leading purchasing economy of luxury goods in the world, a position higher than that of 2012.”
Obayuwana stressed that the spotlight which is now on Nigeria’s retail industry, presents a viable opportunity to rebrand the industry into the biggest business economy of fashion in Africa.
She explained that although crippling circumstances which hinder swift growth within the industry such as the high cost of retail infrastructure within the Nigerian environment. Nonetheless, she stated that, Nigeria has a good story to tell about fashion.
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