In 2014, Nigeria witnessed an unprecedented increase in the number of shopping malls that berthed in major cities like Lagos, Abuja, Port Harcourt, Aba amongst others.

Major Nigerian cities, especially Lagos and Abuja, saw in 2014 what seems a revolution in the retail segment of the real estate market driven by the country’s encouraging demographics, changing household shopping culture, strong purchasing power and high consumer spend coming from the upper and emerging middle class population.

The rebirth of shopping malls has redefined consumers’ lifestyle in the areas where they are established, the surge in the growth of Nigeria’s retail sector may not have seen the last of investors as Resilient Africa says it has seen a huge potential in the sector notwithstanding that it is still relatively immature.

In 2014, a joint venture by Shoprite and Stanbic IBTC as development partners and Resilient Africa – a real estate investment and development company from South Africa – is out with an intention to develop as many malls as it can within the shortest possible time in Nigeria.

“The potential of this (Nigerian) market is unlimited and it is relatively immature. We see big international (European) retailers coming here in the next two to three years. I think Africa is the flavour of the moment and it is only natural for international investors to migrate to the continent,” Japie Swart, Resilient Africa’s chief operating officer, told BusinessDay in an interview in the outgoing year.

Swart disclosed that they were already tapping into the opportunities which this market offers with the development of Delta Mall, a retail outlet sitting on 14,000 square metres gross lettable area estimated to cost $58 million on completion.

The mall which is located at Effurun roundabout in Delta State, Swart said, is a joint venture project involving his company, Delta State government and an undisclosed local businessman, adding that March 2015 has been set for the opening of the mall already 70-80 percent ready on construction side.