Nigeria’s huge wine market is valued at about N47.4 billion ($300 million) a year, and is projected to expand even further in the next few years, on the back of a burgeoning middle class. The middle class is increasingly taking to assorted brands of wine, and other luxury goods.
The growth in the size of Nigeria’s middle class follows on the heels of the growth of the country’s national income. For instance, Nigeria’s Gross Domestic Product (GDP) increased five-fold, from $46 billion in 2000, to $247 billion in 2011, while GDP per capita has increased to about $1,600. Similarly, the country’s population has increased by about 33% percent during the same period, rising from 119 million to the current estimated 170 million Nigerians.South African impetrated wines currently account for about one-fifth of all wines sold in the Nigerian market; this is from efforts of foreigner and foreign wineries that have identified the viability of the Nigerian wine market. “Exposure to wines made in Africa is exciting for Nigerians. As the most populous country in Africa, and the second largest economy in Sub-Saharan Africa, Nigeria’s growing middle class and consumer spending have made it an attractive destination to investors with keen interest in emerging markets. Our wealth of biodiversity Trade, media and consumers has shown huge potentials for steady growth Having worked as a banker in many banks in Nigeria, for most of his working years, Jerry Rowland Okoro has a natural liking for fine wine, like many people in Nigeria.He first caught the glimpse of going into the wine business in South-Africa serving as a member on an economic team sent to understudy South-African tourism industry, he developed so much interest in the product that he began to have a private collection of the finest wines in the world. Although he was not involved in the activity on a commercial scale, he knew so much about wines that when he returned to Nigeria, at that instant the idea of Westlog was born, going into the business of wines on a full-scale. Now Westlog produces one of the finest wines in Nigeria, with 3 winery and vine farms in South-Africa, Westlog Nigeria is poised to become the biggest wine producers in West Africa-Today, Westlog has built a bridge –between a cross-section of wine producers and has collaborated in producing, bottling wines and bringing to Nigeria, which is identified as one of the world’s fastest-growing emerging markets. Jerry says that even though he never planned to sell wines at first, a lot of people come to him to request for rare wines.Subscribe for alerts & follow the BIGGEST business blog& fastest growing entrepreneurial/Political blog in Africa daily
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