You would not guess that there has been a dip in oil prices, a commodity that the Nigerian government gets the majority of its foreign exchange from, or that there has been a contraction on the local stock exchange (albeit a small dip)
Life goes on for wealthy Nigerians. They are partying like the rollercoaster will never stop; perhaps they know something we don’t. From Lagos to Abuja and everywhere in between they are happily spending their money on real estate, luxury cars, jewellery, and art. Unlike the west, wealthy Nigerians live in a cash driven society. So if they buy that Porsche or complicated time piece it’s all in cash. There are clubs on Lagos Island and in Abuja where it is not unheard of, the patrons spending upwards of $100000 a night or going to a car showroom buying a Range Rover Sports super-charged with all the extras without need of a finance plan.
Luxury foreign brands have smelled the coffee, and are rushing into Nigeria, despite the perceived risks. They know that if you are brave enough to dip your toes in the water, the rate of return is like nowhere else on earth. So from luxury branded hotels, Luxury cars, Jewellers, champagne houses all are now establishing a presence in country.
Obviously you will still get that ultra-rich person, who will rather jump into their private jet to go and do their grocery shopping in Harrods (that is a true story by the way) but on the by, the wealth is now cascading faster than at any time in Nigerian short history.