Investment in the Nigerian retail market has reached an all-time high, attracting over N200 billion in the last two years owing to rising purchasing power and the huge potential of the nation’s economy.
Experts believe investors are flocking to the sector as a result of Nigeria’s potential, a large population, positive macro-economic growth and a strong appetite for consumer goods.
Findings by Oxford Business Group (OBG) revealed that both foreign and local investors are dramatically expanding their domestic retail footprint in the country.
According to OBG, “By the end of June 2012, Shoprite the continent’s biggest retailer opened its fifth shop in Nigeria, and another two in 2013. Shoprite, has outlined plans to open up to 700 stores in the country, and Massmart, South Africa’s second-largest retailer and partly owned by Walmart, has announced that it intends to increase its presence from two to 20 stores.
“Also, Spar, Europe’s largest retail network, has partnered with Nigeria-based Artee Group to tap into the local market, cutting ribbons at a new outlet in Lagos and one in Abuja. Looking ahead, the firms aim to increase their Lagos network and expand into Port Harcourt and Ota in Ogun state.”
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