Life of Nigeria’s 1%: $50M Jets; $250K Parties in London; Ermenegildo Zegna, Hugo Boss & Porsche Boutiques (NT)

The Nigerian Tribune has a lengthy article describing the life of the Nigerian elite in Lagos, noting:

Lagos’s billionaires and multimillionaires spend up to $50 million on long-range jets, and Nigeria has one of the fastest-growing markets for private aircraft in the world.

Their children’s wild pool parties, drinking binges and $250,000 weekend parties in London are local legend. Precious few from this set would think of walking the streets of Lagos; they cruise through in air-conditioned, locked luxury S.U.V.s, sometimes driven by officers wearing the elephant and red eagle insignia of the national police, who divert traffic if necessary to speed their bosses through snarled traffic. And if Lagos gets too hot, or they can’t find a store carrying the Prada bag they want, they fly to Dubai or Cape Town for the weekend.

Luxury companies like Ermenegildo Zegna, Hugo Boss and Porsche, noticing this trend, have been opening up shop in Lagos.

 

Picture Source: Nigerian Tribune

Read the article, In Lagos, the 1% takes stock, in the Nigerian Tribune.

Similar Posts:

• To Succeed in Africa, a Business Must Succeed in Nigeria (Economist)
• Coronation Africa Frontiers Fund Manager: Stick With MNC Subsidiaries (Citywire)
• Mark Mobius: Nigeria is a Positive Emerging Markets Play (WSJ)
• How Big is Africa’s Car Market? (African Executive)
• Nigeria’s Forte Oil Plc and EcoBank Transnational Inc (ETI) Added to MSCI’s Frontier Market Index (AllAfrica.com)
• Russell Frontier Markets Equity Fund’s Manager Sees Neglected Gems (WSJ)
• Nigeria Is Coming Apart at the Seams (FP)
• Countdown Begins to Nigeria’s Crucial 2023 Elections (Crisis Group)
• Nigeria’s Cash Problem: Multiple FX Rates, Wild Swings and Dollar Shortages (CNN Money)
• Old Mutual CEO: Low Oil Prices Won’t Stop Me Investing in Africa (CNBC)
• Investors Exit Africa for Other Frontier Markets (WSJ)
• Opportunities in the Next “Emerging” Emerging Market of Africa (Franklin Templeton)
• Nigeria, Argentina and Vietnam Top the Frontier Markets Sentiment Index (WSJ)
• How MSCI’s Removal of Qatar & UAE Impacts the Frontier Markets Landscape (MM)
• Five Emerging Markets Squeezed by Currency Pegs (Bloomberg)