SYS-CON MEDIA Authors: Mat Mathews, PR.com Newswire, David Smith, Tim Crawford, Kevin Benedict

News Feed Item

Plans For New Mega Retail & Entrepreneurial Ecosystem Spark Investment Opportunity In Nigeria For U.S. Brands

NEW YORK, March 3, 2014 /PRNewswire/ -- This is not the Africa often written about, the Africa of poverty, the Africa of HIV/AIDS, the Africa of conflict. There is an Africa not spoken of enough, that is the Africa that is changing, the Africa of opportunity, where people are looking for major partnerships, and investors.

In recent years Nigeria has made efforts to privatize many of their industries. This has created an overwhelming level of economic growth. This growth has spurred a demand for new consumer industries to supply their population of the 140+ million. Industries like telecommunications, real estate and construction, financial services, and retail merchandising all are wide open with a hungry consumer base for the taking.

Reports from McKinsey & Co project Nigeria's commercial capital Lagos, along with four other of Africa's largest cities will have consumer spending of $25 billion or more by 2020. Comparable to spending in India's business hub of Mumbai, expansion of Nigeria's middle class has also expanded Nigerians appetite for foreign brands.

This kind of purchasing power is starting to draw new brands into Nigeria. Those include LVMH Moet Hennessy Louis Vuitton SA, one of the world's largest luxury brand groups; Amrapali Jewels Pvt. Ltd., and Porsche AG. These businesses often work with partners already established in Nigeria's businesses environment, since there are no dedicated luxury shopping areas... until now.

This week Sirius Africa LLC launches their #GetSirius Global Campaign with the unveiling of their plan to construct Africa's first mega retail & entrepreneurial ecosystem. The construction of this $35 Million project rises from the belief in young African entrepreneurship, and the growth in investment opportunities for large brands.  The center will pair high-end shopping retailers alongside native African brands to allow African businesses the opportunity to present their products on a global scale.

African business owners can purchase annual memberships to use the facilities over 12,000 sqft of collaborative workspace. Providing amenities for executive services, the arts, and retail merchandising, the center is the first of its kind. The center will boast a media center, 10 conference rooms, and a world-class theater seating 800+ people. This entrepreneurial ecosystem will finally deliver proper accommodations for local and global brands to conduct business. After construction the center is projected to create approximately 1,500 jobs in Nigeria's "Lekki free trade zone" a tax-free haven within Lagos.

Sirius Africa now aims to spark investments from major brands, and form partnerships with those companies seeking to break into the market of West Africa.

About Sirius Africa: Their mission is to provide an outlet for youth creativity and also to connect young entrepreneurs with national and global investors. They will provide a much-needed infrastructure for these professional liaisons to occur. Sirius Africa hopes to create what they have termed Nigeria's first entrepreneurial ecosystem.

For more information visit: SiriusAfrica.com

Video - http://www.youtube.com/watch?v=Sk72IZZKANc

Contact:
Daniel Lee Hue, 407.401.0697, New York, NY
[email protected]

SOURCE Sirius Africa

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.