Anyone who has done business or launched a marketing campaign in Nigeria will know that this country has a different type of energy to it. The country is a key player in Sub-Saharan Africa and the country’s economic situation makes it a lucrative option for many businesses who are looking to expand into West Africa.
Greg Martin from Tradeway says that Nigeria is the largest consumer market in Africa. With a population of over 180 million people, there’s a specific market that South Africans should start tapping into, namely travel.
“Locally in South Africa, the majority of international travelers are traveling for business and only a small portion of our population is traveling outside of our borders for leisure. In Nigeria, this is a completely different ballgame. Besides being a much larger population, travel is a bigger part of the Nigerian culture than it is for South Africans,” says Martin.
Just as luxury cars are more common and seen as a status symbol in the United Arab Emirates, so do Nigerians feel about traveling. Travel is a status symbol for Nigerians and they happily spend their disposable income and save up for trips overseas.
“The millennial spending power in any economy is growing. In Nigeria’s case, millennials in the middle to high-income brackets are going to continue spending money on travel. Companies who are able to tap into the outbound travel market in Nigeria will be well-positioned for growth,” says Tradeway’s Michelle Storey.
Nigeria’s capital, Lagos, is a fast-growing city with a growing middle class. The rate at which the country is urbanising is also one of the fastest-growing in the world.
The middle class in Nigeria accounts for about 23% of the population, according to the African Development Bank. The number of urban households with an annual income of over $10,000 is also earmarked at around two million people, reads another McKinsey report.
Whether you are in the travel industry in South Africa or looking to expand your business into Nigeria, you need to make sure you have the marketing strategy and execution capacity to engage with people in a meaningful way. Tradeway offers everything from brand activations and promotions to memorable experiential marketing campaigns that can help you connect with your target audience and boost your bottom line. Contact us for more information today.