Could the wine investment market benefit from interest in Nigeria?

The wine investment market has been observing growing interest from emerging countries in the alternative asset such as Brazil and Russia for some time, but evidence now shows that Nigeria could be the next big importer.

Consumers in Nigeria are developing a taste for luxury fine wine and spirits, with 60 per cent of its import sales coming from Europe, followed by South Africa, according to research company Aranca.

Speaking to The Drinks Business, Sapta Bhattacharyya, associate vice-president of the firm, said that wine producers should target the top ten per cent of earners in Nigeria, about 5.2 million people out of the country's 156 million population, who consume 43 per cent of all wine in Nigeria.

Currently, Nigeria's wine market is valued at $300 million (£186 million) a year, but volume sales are expected to increase by six per cent a year.

"Many of the global luxury brands have entered the Nigerian market, including several well known spirits and Champagne brands, which are being embraced by the country's affluent consumers," Sue Birch, from Wines of South Africa, told the news provider.