Summary Box: Luxury brands target Nigeria's elite

The Associated Press
Associated Press

SHOP FROM HOME: The wealthy elite in Nigeria have a healthy appetite for top-shelf brands, but have previously had to shop for them in Dubai, London and Paris. Now sellers of luxury goods are opening stores in Nigeria itself.

EXAMPLE: French luxury conglomerate LVMH has doubled its marketing efforts in Nigeria to sell its priciest wines and liquors.

CONSUMER FUTURE: Nigeria's commercial capital Lagos will have consumer spending of $25 billion or more by 2020, according to a McKinsey & Co. report. That's comparable to spending in India's business hub of Mumbai.