According to an investigative report carried out by British Newspaper, The London Evening Standard, Nigerians are emerging some of the biggest spenders on luxury goods in the High End of London.

The report entitled, “Hey big spender: the shopping capital of the world”, details the prowess of the political elite when it comes to popping tags off anything from designer wares to luxury kitchen utensils on shopping sprees in the UK.

Nigerians are placed in the same peer group as Brazilians, Russians, Indians and Chinese.

The report quotes a diamond jeweler Theo Fennell as he stated, “We used to be so reliant on Americans, then it was the Japanese and Americans, then the Middle East. Now, it’s increasingly about the BRIC countries [Brazil, Russia, India and China]. It maps the shifting world order – and we’re very grateful they’re coming here.”

Then the investigative reporter goes on to document, “But it’s more than just the Chinese: London is still a hit with Middle Eastern and Russian shoppers and is attracting an increasing number from oil-rich Brazil and Nigeria.”

The report actually cites Nigerians as the third biggest spenders in the luxury retail segment of London, stating that Nigerians spend an average of £ 1,648 per transaction. That is NGN 411,821 in local currency. The report states Nigerians awash with oil wealth like to unwind by shopping till they drop in the UK.

According to the same report, Brazil and Russia both spend less than £ 1,000 each. The Chinese spend    £ 1,310, Saudi Arabia spends the most with £ 1,974. Kuwait and the United Arab Emirates spend £ 1,780 and £ 1,267 respectively.

The report quotes Selfridges, a major luxury department store in the United Kingdom as stating Nigerians shop all year round in their stores.

“In February last year, sales to Nigerians were up 50 per cent in London shops on a year earlier, while overall in 2011 Selfridges says their spending was up by over a quarter and that Nigerians have been among its top 10 overseas shoppers for the past five years.

On their shopping lists: Suits and formalwear but also jewellery, cosmetics and childrenswear.

Labels include Paul Smith, Gucci, Prada, Chanel and Rolex while Vertu phones are a popular purchase. Although they trust established brands, they are also happy to buy across the price spectrum – hence Debenhams started putting signs up in Hausa, the language spoken by 45 million West Africans.

Their top time to shop: all year round – a consistent presence in our stores.”

It borders on insensitivity that there is so much capital flight from our National Treasury to the United Kingdom, especially considering the fact that Nigeria ranks amongst one of the most poverty stricken countries on the roll call of big spenders in London, falling far behind, in developmental terms, China, Russia, Brazil and India whose Gross Domestic Products (GDPs) are $ 5.8 trillion, $1.48 trillion, $2.09 trillion, and $1.73 trillion respectively. In comparison Nigeria’s GDP is $193.67 billion, about a tenth of the size of Russia. However what Nigeria lacks in terms of development, it makes up for in shopping.

There has been a lot of outcry in recent times against the looting of our commonwealth by the political elite via the usual channels of crass looting, oil and gas corruption, constituency projects funding diversion, inflation of contracts, and over-bloated compensation packages for public servants.

Nigerians recently protested against government insensitivity to the wide income gap between the politically connected and average Nigerians. In response, government has not shown any sign of cutting its expenditure and in a country where the people are quick to forget the sins of their leaders, it is not to be unexpected that these crimes will also soon be forgotten, and the halls of Selfridges will be brimming with “big spenders” in no time.

http://businessnews.com.ng/2012/02/06/nigerias-political-elite-compete-with-saudi-arabia-russia-over-londons-biggest-spender-title/

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With 1/10th of the GDP of Russia some eediots will still put it out that we consume more oil than almost all these countries, chai!!