Nigeria: Retail's "Sale of the Century"

Briefly, Foreign Direct Investment reports...

The early success of the Nu Metro Media Store in Lagos, which opened in Junethis year, selling books, music CDs and DVDs, was the first proof of the massive pent up demand for world-class retail that exists in Nigeria. Until then, the largely-untapped buying power of Nigeria's 130-million strong consumer market had gone untested. In the face of a maddening number of challenges of setting up business in the country, it is this virgin market that is one the greatest draw cards. Before Nu Metro, there was nothing in the retail space that could be described as modern let alone world-class. For Nu Metro's owners, Johnnic Communications, the push into Nigeria - which includes taking a stake in local newspaper Business Day - has not been without frustration.

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