In what many may take as a sign of Nigerians love for imported items, Moet and Chandon Global Ambassador Pierre Louis Arraud says Nigeria may be its biggest market in Africa, ahead of South Africa and Kenya.
Nigeria according to him, has the largest economy in Africa, as well as population. The company plans to introduce premium versions of champagne into the market.
What this means ?
Arraud’s statement clearly shows Nigerians have maintained their appetite for imported goods, despite a recession, and policies by the Central Bank of Nigeria (CBN) to control the demand for foreign exchange.
The cheapest bottle of Moet Champagne goes for around N15,000 and premium versions for as high as N100,000. At a conservative consumption rate of 10,000 bottles in a month, the company’s annual revenue from Nigeria could run into billions of Naira.
Implications for the economy
Importation of wines and spirits acts as a drain on the nation’s foreign exchange reserves. Competitors seeing the fantastic sales made by the firm will also come into the market.
Belaire, another champagne brand has recently stepped up its promotion in Nigeria. Guinness Nigeria, has also gotten distributorship rights for Diageo’s range of spirits and wines.
Moet and Chandon was founded by a French wine merchant Claude Moet in 1794. Moet merged with Hennessy Cognac in 1971 and with Louis Vuitton in 1987 to form the luxury group (LVMH).
Popular brands produced by the company include Moet and Dom Perignon. Results for the half year ended June 2017 show the company sold 25 million bottles of Champagne.