Nigeria’s wine market valued at about N47 billion ($300 million)
0Nigeria’s wine market has been valued at about $300 million and is expected to increase within the next few years. This value is believed to reflect the growth in the country’s increasing middle-class, precipitated by the growth of the country’s national income. Nigeria’s Gross Domestic Product increased from $46 billion (2000) to $247 billion (2011), with a GDP per capita increased to about $1,600.
Another suggestion as to this valuation, is the increasing growth of Nigeria’s population. The country’s population has witnessed a population increase of about 33%, rising from 119 million to about 160 million.
Participating in the South Africa-Nigeria week held recently in Lagos, Matome Mbatha, Market Manager for Africa and the Americas, Wines of South Africa (WOSA), disclosed that South Africa wines account for abouth one-fifth of all the wines sold in Nigeria.
According to her, “exposure to wines made in Africa is exciting for Nigerians. We used the platform to highlight that our wines originate in ancient soils and that our wealth of biodiversity makes it possible to produce a vast array of wines and wine styles. Trade, media and consumers were so responsive to the wines on offer, that our intention is to arrange several more of these events to raise the profile of South Africa as a producer of prestige and premium wines in a thriving Nigerian market”.
Nielsen, a leading global provider of information and insight into consumer behaviour, reinforced Mbatha’s point, saying that Nigerian consumers spent more on consumer packaged goods, and assorted wines, than in the case of other African countries.
As the most populous country in Africa, and with the second largest economy in sub-Saharan Africa, Nigeria’s consumer market remains an attractive destination to investors with keen interest in emerging markets.
