Lagos - Despite sliding down the rankings table of the most attractive developing markets across Africa, Nigeria still remains a key investment destination to consider.
This is according to the 2015 African Retail Development Index released on Tuesday.
Nigeria has dropped from second to fourth.
Mirko Warschun, AT Kearney partner and leader of the firm’s consumer industries and retail practice for Europe, Middle East, and Africa, noted that Nigeria (#4) moved down the index, despite its market size and room for growth.
AT Kearney compiled the rankings.
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“Nigeria has massive room for growth in formal retail with 25 new shopping centres in development,” said Warschun.
“True spending, however, remains comparatively low as the ‘true middle class’ is a lot smaller relative to the smaller countries ranked higher.
With its tremendous potential and strong economic projections, however, Nigeria is still a market to consider.”
Meanwhile, Gabon is rated the most attractive developing market, followed by Botswana and Angola at second and third respectively.
Tanzania are fifth.
- CAJ News