Nigerian retail industry thrives amidst economic recession, experts say

According to the Global Retail Development Index, the Retail market was the 3rd largest contributors to Nigeria’s GDP, while Nigeria recorded the highest retail sale of $125bn in the sub-Saharan African during 2016; amidst the economic recession.

Experts in the Nigerian retail industry have also confirmed the fact that the industry still enjoys a period of positive transformation marked by a steady growth pace despite the country’s economic situation. It was noted that the growth is being driven primarily by individual’s purchasing power and behaviour and the ever evolving market size.

This was made known during the recently held Advisory Board Meeting of the Home Décor and Giftware Expo2017, which attracted representatives from various business units within the retail industry, especially in the home décor and giftware.

It was noted at the meeting that retailers and suppliers are taking advantage of Nigeria’s staggering population of over 180million and the recent market trends to bolster their business activities.

The Advisory Board Meeting of the Home Décor and Giftware Expo 2017 is a platform designed by the Clarion Events West Africa, for industry experts to analyse the relevance of the Expo to the growth of the retail industry while making relevant contributions to ensuring a value-oriented experience at the upcoming event.

According to Ewaen Sorae, Managing Director, Esorae Luxury, three major factors drive retailing, namely product quality, affordability and associability, all of which the home décor and giftware represents and seeks to achieve at the 2017 Expo. He further projected the establishment of many more business opportunities and collaborations across the international and local spectrums.

Also speaking at the event was Omon Mordi, founder of Blue Mahogany, who is excited about the forthcoming expo in anticipation to see large varieties of home aesthetics and gift items.

The Commercial Director, Clarion Events West Africa, Russell Hughes posits that the retail sector is incredibly interesting as it measures about $25billion per annum, based on various reports. He also stated that the Expo is being organised to further stimulate the Nigerian economy through the retail sector by providing training platforms for buyers of retail items.

Bunmi Aliyu shared details on how the Home Décor and Giftware Expo will provide viable access to the best of international and ‘Made-in-Nigeria’ products, while also building capacity through the various network sessions and conferences within the event.

Home Décor and Giftware is Nigeria & West Africa’s premier retailers Buying Trade Fair, showcasing hundreds of new brands & products. The event which is organised by Clarion Events West Africa, a subsidiary of Clarion Events Limited, who are responsible for 180 international trade fairs every year delivered from 13 global offices, including a Portfolio of Retail & Home exhibitions covering design-led and every-day giftware & homeware. These market leading events support over 3,000 exhibitors to meet with over 60,000 discerning retailers and professionals from around the world every year. Having delivered international trade fairs in Africa for the past 20 years, Clarion Events Ltd is recognised as the leading organiser in the region.