Nigeria’s super rich are no strangers to conspicuous consumption, and there’s no better way to flaunt your wealth than by buying a brand new European sports car, according to a news agency report.
Porsche has opened a new car dealership in the heart of Lagos’ wealthiest district, Victoria Island, a place with one of the world’s highest concentrations of millionaires, and Reuters noted that Aston Martin and Lamborghini were already there.
Go deeper with GlobalData
Porsche hopes to capitalise on a promise of providing sturdier vehicles that can cope with Nigeria’s rough roads while the German sportscar maker also has more than a passing interest in the West African country’s fast-growing economy.
Porsche also plans to set up an operation in the capital Abuja where roads are newly built and politicians amongst the world’s most highly paid.
The company’s Middle East and Africa head, George Wills, told Reuters: “The African continent, and in particular Nigeria, is of growing importance to us.”
Nigeria, Africa’s second biggest economy, grew 7.68% in the last quarter of 2011, one of the fastest in the world. Wills added: “We’re quite confident the numbers will be strong. It’s difficult to put a finite number on it, but certainly enough to give a return on this investment.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataPorsche Nigeria general manager Julian Hardy estimated that 200 Nigerians own Porsches. The sales target for 2012 is 100 cars and the automaker hopes to reach a stable sales rate of around 300 a year, compared with 800 in South Africa. Average prices in Nigeria currently range between US$133,000 and US$190,000.
