Ah, more tales of the how to flaunt one’s wealth, and this one is from Nigeria. Sure, there’s plenty of disparity in the African state, which happens to be the continent’s second biggest economy, but oil has made for luxury entering the scene, and in a big way.
So much so, the neatest way to show you’re rolling in the dough is by buying a spanking new European sports car, and Porsche is getting into the thick of things, hoping to catch a fair bit of the money being flung, Automotive News Europe reports.
The automaker opened a new dealership last week in Victoria Island, Lagos’ swankiest district and home to a high concentration of millionaires. The likes of Lamborghini and Aston Martin are already around, but the Germans are adopting a different tack, offering the promise of sturdier offerings capable of taking on the country’s less than perfect roads.
Of course, the faster way to go about it is working with places that offer better roads in the first place, and the capital, Abuja, offers just that. Newly built roads mean an easier means to market the likes of the 911, which was unveiled in the country at the launch. Porsche plans to set up an operation in the city, naturally.
It’s estimated that around 200 Nigerians own Porsches, which doesn’t sound like a lot, but it’s considerable in a country that is best described as enigmatic. Absolute poverty has increased to 60% of the population, but the economy grew by 7.68% in Q4 last year, one of the fastest in the world, and two Nigerians occupy places in the top five list of the richest men in Africa. Oil, of course, has been responsible for making many a multi-millionaire.
The report says that Porsche is looking at selling 100 cars in Nigeria in 2012, and is hoping to get to a stable rate of shifting around 300 units a year as it goes along (in comparison, South Africa does 800 units a year). Average prices currently range between 21 million naira (US$133,000) to 30 million naira (US$190,000), the report adds.
Oh, and as an aside, all that new found affluence is also good news for champagne – apparently, Nigeria is the number one consumer of bubbly in the continent, with 539,000 bottles guzzled in 2010, 50% more than that of the richer South Africa. Let’s drink to that.