“NIGERIA SPENDS 16.8BILLION NAIRA ON CHAMPAGNE YEARLY…SECOND ONLY TO FRANCE IN THE WORLD”

Nigeria is gradually emerging as one of the
important markets for Champagne drinks
with $106.2million (N16.8billion) spent
yearly to import assorted brands of the
product.
A research by Euromonitor International
based in France showed that Nigeria’s
middle class, who are seeking an
alternative to beer, have been consuming
849,000 liters of assorted brands of the
product yearly.
A standard bottle of champagne has 0.75L
content.
According to the report, Nigeria’s
consumption increased 9% from 2009 with
wine prices ranging from N6,000 and
N150,000 and above in choice retail shops
in Lagos and some state capitals due to
soaring demands at middle class.
It was however learnt that the global
market volume may reach almost
210billion liters in 2014, representing 10%
increase in 5 years.
France is therefore looking into the
Nigerian Market due to ongoing economic
depression, said Steve Charters, Director of
the chair in Champagne management at
Reims Management school.

Source: DAILY NEWSWATCH