Posts tagged: Nigeria
Luxury brands target Nigeria’s wealthy elite
Luxury goods sellers, from Champagne to sports cars, are now targeting Nigeria’s wealthy.
The rich in Nigeria — business owners, oil industry executives and politicians — have a healthy appetite for top shelf brands, but have had to shop in Dubai, London and Paris to find them. Now, sellers of luxury goods are catching on that seemingly gratuitous...
German carmaker Porsche opens dealership in Lagos
Porsche officially opened a new car dealership on March 16 in the heart of Lagos’ wealthiest district, Victoria Island, a place with one of the world’s highest concentrations of millionaires. High-end goods producers are increasingly targeting sub-Saharan Africa, as its economic growth starts to dwarf other continents. As rich Western countries...
The Black Billionaires 2012
Nigerian billionaire Aliko Dangote is no longer the richest black person in the world. He’s been ousted by Ethiopian-born Saudi billionaire Sheikh Mohammed Al-Amoudi who is worth an estimated $12.5 billion. That’s $1.3 billion richer than Dangote.
Of the 1,226 people who made it to the 2012 FORBES list of the world billionaires, only 6 are black....
Africa offers promise and peril to telcos
Poor infrastructure, fragmented markets and stiff competition mean Africa poses risks as well as potential rewards for telecom operators hunting for growth in countries like oil-rich Nigeria and post-revolution Libya and Tunisia.
With new cheaper smartphones set to drive sales, a growing corporate market, and the fact that most in Africa will use mobile...
Ethnic violence kills at least 16 in Nigeria
Lagos – Attackers suspected to be from a rival ethnic group have stormed a remote area of Nigeria, killing at least 16 and burning homes in the latest flare-up of tensions in the region, police said on Tuesday.
The violence broke out on Sunday when suspected members of the Fulani ethnic group descended on communities dominated by ethnic Tivs in...
Nigeria’s Naira Weakens as Oil Industry Dollar Sales Decline
Nigeria’s naira weakened against the dollar, heading for a second straight weekly decline, as foreign-exchange sales by the oil industry slowed after the month end.
The currency of Africa’s biggest oil producer depreciated 0.1 percent to 157.85 per dollar on the interbank market as of 12:02 p.m. in Lagos, according to data compiled by Bloomberg....
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