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Despite hardship, Nigerians’ consumption of foreign wines hits 7-year high


The jolly nature of Nigerians as seen in the importation of assorted wine brands into the country has jumped to its highest level.

Data from Euromonitor International a market research company shows wine consumption in Nigeria rose to 33.1 million in 2021 the highest level since 2015.

Similar data from Comité Champagne, a trade association that tracks the volume and value of exports from France shows Nigeria’s champagne import volume increased by 83.8 per cent to 559,088 in 2021 from 304,199 in 2020.

It noted that Nigeria is the third biggest champagne market in Africa and the 32th in the world, and that the drink is largely associated with luxury and a go-to for celebrations.

The trade company’s assertion of the Nigerian wine market is evident in lyrics of songs and social media photographs of youngsters at nightclubs clutching wine bottles and women with glasses full of the sparkling drink.

Read also: Chelsea, Orijin, others to lose revenue to Nigerian govt’s alcohol policy

“Champagne has its own demography on the higher end of things – it’s not even about the middle class, it’s about the elite,” said Spiros Malandrakis, a senior analyst at Euromonitor.

“People may find it surprising that Nigeria is one of the fastest-growing countries for wine consumption, but it has an extremely extravagant elite, with Nollywood and the oil industry.”

Nigeria’s high spending on assorted drinks is a complete stark contrast to reality of the economic situation in the country.

Sluggish growth, low human capital, labour market weaknesses, and exposure to shocks are all evident in the everyday life of Nigerians.

The inflation figure for March is at 15.92 per cent while the unemployment figure is at 33 per cent.

The World Bank in a recent report revealed that over seven million more Nigerians fell into the poverty net in 2021.

The post Despite hardship, Nigerians’ consumption of foreign wines hits 7-year high appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.


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41 CommentsDrop a Comment
  1. pearl2017

    - Apr 30, 2022 at 6:37 pm

    that is the situation we are

    Reply
  2. Ohwodiasa

    - Apr 29, 2022 at 1:44 pm

    Interesting

    Reply
  3. Olagunju Funmilayo Grace

    - Apr 29, 2022 at 12:16 pm

    Ok

    Reply
  4. Yusuff993

    - Apr 29, 2022 at 3:22 am

    good and nice

    Reply
  5. Dylan Rooney

    - Apr 29, 2022 at 1:16 am

    View

    Reply
  6. Presido78

    - Apr 28, 2022 at 8:50 am

    thats interesting

    Reply
  7. queen tilda

    - Apr 27, 2022 at 6:43 pm

    Perfect

    Reply
  8. Ruthybliss

    - Apr 27, 2022 at 4:23 pm

    Nigerians can drink

    Reply
  9. Princezogo

    - Apr 27, 2022 at 2:10 pm

    Hardware

    Reply
  10. faithful

    - Apr 27, 2022 at 11:33 am

    Alright I

    Reply
  11. Ricob23

    - Apr 27, 2022 at 11:22 am

    Seriously there is money on ground

    Reply
  12. White man dearly cool

    - Apr 27, 2022 at 11:03 am

    Orisirisi

    Reply
  13. Ayo1

    - Apr 27, 2022 at 10:28 am

    We just dey chop ourselves

    Reply
  14. afeezhamzat

    - Apr 27, 2022 at 10:13 am

    Addicted already

    Reply
  15. Mubaraklag

    - Apr 27, 2022 at 9:42 am

    Rich people dey do that

    Reply
  16. Babatunde samson

    - Apr 27, 2022 at 9:33 am

    Alright

    Reply

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