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Nigerians Shop Till They Drop In London by excondido(m): 9:16am On Jan 12, 2013 |
London (CNN) - Shopping is a serious business in London whatever the season -- but it doesn't get much more serious than this time of year. The UK capital's January sales sees throngs of dedicated shopaholics cram its countless department stores, quirky boutiques and market stalls, keen to get their hands on the latest fashion trends and product offers. But it's not just domestic spend that's keeping the tills ringing in London. While the vibrant city's high-end stores are no strangers to overseas visitors, with those from the Middle East typically spending the most, a surprising new contender has emerged in recent times as a big spender in the international market -- Nigeria. "Africa is growing from strength to strength and particularly in the last 12 to 18 months we've seen Nigeria come through incredibly strongly," explains Sue West, director of operations at up-market London department store Selfridges. "It is a very broad base so we still very much have a strong Chinese base, a strong Middle East base, Russia is there, the BRICs nations as you imagine, but Nigeria seems to be coming through very strongly at the moment as well," she adds. Read: Web savvy Africans fuel growth in online shopping The former British colony is Africa's most populous nation as well as the continent's top oil producer. According to African Economic Outlook (AEO), Nigeria's economic growth has averaged about 7.4% annually over the past decade, creating a wealthier Nigerian elite with a large spending power. At the same time, however, AEO says that robust economic growth has not reduced poverty in the country, with about two thirds of its population living on less than $1 per day. Home to a large African diaspora, the UK is a popular travel destination for Nigerians visiting friends and relatives, going on holidays or conducting business. Daily flights between Nigeria and the UK have increased in recent years, with airlines such as British Airways allowing Nigerian customers an additional 23kg of baggage free of charge. www.cnn.com/business |
Re: Nigerians Shop Till They Drop In London by esere826: 9:40am On Jan 12, 2013 |
^^ I hate this story. I enjoy shopping alright, but I feel so bad about how we are killing our economy and improving the economy of others Well, I am not being paid to think for Nigeria -Jonathan and his policy makers are. Till it's my job, I'll have to continue spending Nigerian currency abroad and impressing Nigerian babes Sheit!!. *heads out to the international airport with suitcases* |
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