Nigeria’s current infrastructure does not support luxury retail, says Onajide

Funmilayo Onajide, the founder of Regalo African Luxury and former general manager, corporate affairs at MTN, says the current infrastructure in Nigeria does not support luxury infrastructure.

Speaking at the fifth-anniversary celebration of The Luxury Reporter Magazine, Onajide said there is a need for proper shopping malls that will support luxury retail.

“You can’t have a 5-star hotel without a 5-Star infrastructure. The kind of infrastructure available in Europe is not here in Nigeria, and if you want to create that kind of infrastructure you will have to pay a lot to get that,” she said.

In her comments, Funke Osae-Brown, the magazine founder, said the vision is to amplify the works of Nigerian luxury brands.

“Our vision is to report on the African Luxury by projecting Nigerian brands.  We are constantly in search of indigenous luxury brands that will compete with international brands.  We believe this will contribute to the economic growth of Africa,” she said.

“At TLR, we don’t just want Nigeria to be a consumer of luxury but also the manufacturer of luxury products that can compete with their counterparts not just on the continent but globally. We have been reporting on emerging luxury brands on the continent. Also, we hope to bridge the divide between African Luxury brands and their counterparts abroad.”

The Luxury Reporter Magazine celebrates its fifth anniversary with a well-attended event by experts in the luxury sector held at The Wheatbaker Hotel, Ikoyi, Lagos on Thursday.
The exclusive event afforded attendees a glimpse into the activities of the magazine since it was founded on May 24th, 2014.

To commemorate the fifth anniversary, Modupe Ogunlesi, CEO, Adam and Eve Homeware delivered a keynote address titled: Luxury retail in Nigeria: The opportunities, challenges and policy options.

She observed that in the luxury sector, an understanding of what one sells, the psyche of the expected consumers are very basic ingredients for success.

Furthermore, Ogunlesi’s keynote address was followed by a panel discussion where issues affecting the growth and development of the Nigerian luxury sector were discussed.