LAGOS (Reuters) - Nigeria's super rich are no strangers to conspicuous consumption, and there's no better way to flaunt your wealth than by buying a brand new European sports car.

German carmaker Porsche officially opened a new car dealership on Friday in the heart of Lagos' wealthiest district, Victoria Island, a place with one of the world's highest concentrations of millionaires.

There are already dealerships specialising in Aston Martin and Lamborghini, but Porsche hopes to capitalise on a promise of providing sturdier vehicles that can cope with Nigeria's rough roads. Its presence is being seen as a vote of confidence in the West African nation's fast-growing economy.

Porsche also plans to set up an operation in the capital Abuja, where roads are newly built - a better market for the 911 sports model - and where politicians are amongst the world's most highly paid.

"The African continent, and in particular Nigeria, is of growing importance to us at Porsche," the company's Middle East and Africa head George Wills said, unveiling the new 911 model.

High-end goods producers are increasingly targeting sub-Saharan Africa, as its economic growth starts to dwarf other continents and rich Western countries face a slowdown.

Nigeria, Africa's second biggest economy, grew 7.68 percent in the last quarter of 2011, one of the fastest in the world.

Two of Africa's top five richest men are Nigerian.

"We're quite confident the numbers will be strong," Wills told Reuters in front of the new 911 sports car, after a Porsche official revved its engine for flashing cameras.

"It's difficult to put a finite number on it, but certainly enough to give a return on this investment," he added.

Porsche Nigeria general manager Julian Hardy estimates 200 Nigerians own Porsches - the dealership had been running prior to the official launch since July and sold an undisclosed number, and rich Nigerians have been importing them for
decades.

THE RICHER RICH

At a party to celebrate Porsche's launch, Nigerians in sharp suits and cocktail dresses drank martinis and danced around the 911 display model to live music.

"You can drive around Lagos ... then take your car to the race track and become a beast and go wild," said Emmanuel Ngala, an IT consultant who owns a Cayenne 4x4 and is buying a 911.

The firm's sales target for 2012 is 100 cars, and it hopes to hit a stable sales rate of around 300 a year, compared with 800 in South Africa. Average prices currently range between 21 million naira to 30 million naira.

The oil wealth of Africa's biggest producer has made multi-millionaires of its elite in the past few decades, even while absolute poverty has increased to 60 percent of the population.

Lagos embraces some of Africa's most expensive real estate alongside some of its most crowded slums. On one street, a Hummer drives past a tramp sifting through a dustbin.

The car park at the Porsche show rooms has several models.

"It's a nice car," said employee Mohammed Ibrahim, as he hosed down a chrome coloured Cayenne and shined it to a sparkle with a cloth. On his 20,000 naira a month salary it would take him 125 years to afford one if he didn't buy anything else.

"God might give me a car like this one day. He can do that, if he wants to. He can do anything," he said, grinning.

BIG MEN AND MOTORS

Sandwiched between the lagoon that led Porteguese sailors to name this city 'Lagos' and the Atlantic, Victoria Island is a place of fund managers in fine woollen suits and oil oligarchs.

The faces of glamorous women smile from billboards advertising mobile phones. Luxury 4x4s are everywhere.

But it has scant electricity, most roads are sandy, potholed and patrolled by beggars in rags. Poor drainage means they flood - in the rainy season, fishermen sometimes traverse them by canoe, raising doubts about the practicality of sports cars like a 911.

Other luxury brands
have however made it big in Nigeria. It is a significant African market for LVMH . Most bars can get you Moet & Chandon champagne or Hennessy brandy, which women sip next to their Louis Vuitton handbags.

The "Auto Lounge" in Victoria Island lets you enjoy an expensive drink overlooking a garage of Aston Martins.

Paris-based magazine Jeune Afrique last year placed Nigeria at the top of Africa's champagne consumers, guzzling 593,000 bottles in 2010, 50 percent more than richer rival South Africa.

http://m.moneycontrol.com/news/wire-news/porsche-targets-rich-nigerians-love-for-luxury_682674.html

God Bless Nigeria

^^indeed

on roads filled with holes and shafts - anyway wetin concern porsche - fools and money easily part ways

odiaero: Yeh, with all the good roads around and security

very funny,
more job opportunity anyway

General Government Tompolo and his boys alone can meet all the projected sales target. God bless Nigeria. Soon, Boko Haram Boys will be driving around in porsches as well.
To all other hardworking Nigerians who made their money legitimately, good for you! Just mind the roads.

"It's a nice car," said employee Mohammed Ibrahim, as he hosed down a chrome coloured Cayenne and shined it to a sparkle with a cloth. On his 20,000 naira a month salary it would take him 125 years to afford one if he didn't buy anything else.

Classic. Sad reminder of the unfortunate disparities and obscene inequalities between humans that are supposedly 'created equal'. Sad sad reminder.

I'm getting one too when I go back hoome.....only if my dreams come true

How do you enjoy the performance of those cars in naija?

who says that there is no moni in nigeria

rubisshhh ..wen deres maybach..wat du porsche have dat makes dem sell fro dat price?

CAVEAT! ! !Those rides should not come. Anywhere near mushin,lawanson,Oshodi,idumota,makokok,OKOKO,Amukoko, if the owner values his ride.Imagine driving a 21 million ride through these danfo and okada infested streets.By the time they're through with the ride,he'll wish he had bought a golf 1,chikena!

I actually see porsche coming to Nigeria as actually a good thing. It"s been a long time coming and there should be more official car companies opening up their showrooms in Nigeria. That said we simply do not have the roads for high performance vehicles like the porsche in Lagos or majority of the country unless you live in certain parts or you really plan your route before taking the car out for a spin. I know thats what i'd do sha

Please check out the TopDriver facebook page and like us. its about creating an exciting motoring culture by Nigerians for Nigerians.

http://www.facebook.com/TopDriverNG


you can also follow us on twitter @TopDriverNG

our website www.thetopdriver.com is currently under construction and will be launched shortly

cheers

General Government Tompolo and his boys alone can meet all the projected sales target. God bless Nigeria. Soon, Boko Haram Boys will be driving around in porsches as well.
[img]http://www.lzxin.info/g.gif[/img]

Innoson should fight with them.

So they just realized that Nigeria is a big market.

Idrive: I actually see porsche coming to Nigeria as actually a good thing. It"s been a long time coming and there should be more official car companies opening up their showrooms in Nigeria. That said we simply do not have the roads for high performance vehicles like the porsche in Lagos or majority of the country unless you live in certain parts or you really plan your route before taking the car out for a spin. I know thats what i'd do sha

Please check out the TopDriver facebook page and like us. its about creating an exciting motoring culture by Nigerians for Nigerians.

http://www.facebook.com/TopDriverNG


you can also follow us on twitter @TopDriverNG

our website www.thetopdriver.com is currently under construction and will be launched shortly

cheers

What's the goal of TopDriver? Are you guys in Nigeria? I'm very interested!

afam4eva: Innoson should fight with them.

What is INNOSON to Porsche.

Abegi comot for road.

afam4eva: Innoson should fight with them.

Innoson needs to make their own high end cars and kick all the other cars out. This is not even good news. More Europeans coming to Nigeira so Nigerians can consume. We need to be PRODUCING!!!

All they want is a market and Nigeria is it. If they want to set up a factory heree then that would help Innoson with parts. But this operations is doing us no good. Just more spending and capital flight going to Europe. Same ol same ol.

Hmm

Think this is bad. It shows how dumb some nigerians are. Surely people must see there's something not just right here. It's like saying Porsche should go to Eritrea, Somalia etc. Where majority of the population are living in poverty.
It's almost like saying, Porsche really don't give a sh*t about you lot. But, then again, as a business, will they ever.
This is clearly, 100% ostentatious. Since no infrastructure that would complement the car. Compared with those abroad, where roads are good, people live better lives etc.
Can't really explain. Its like they are encouraging people to spend on goods that aren't really needed YET in Nigeria. Cayenne, I understand, useful 4x4. But 911...nah? Plan your route...why bother?
21mill...when the majority (not the minority) are looking for couple of thousands.
Can just see the Porsche guys just laughing to the bank and the sensible bosses, shaking their heads.
Like to imagine how much the maintenance would be too.

If ALL the roads in Nigeria was bad, people would still buy it.

Leeching of a country in a sorry state and you lot are smiling.

The gathering should have been a nice site for a professional begger to beg for alms. They could make him a millionaire without thinking twice.

Nigeria is rich. We just judge nigeria wit the kind of people around us. God remember me too o.

Watin they assemble for d car sef? I wonder

Am a get myself a Porsche, who cares ? I work hard for my millions and am a spend it as I wish. Its not about the years in your life but the life in your years.

i just learnt that EFCC is monitoring any customer that buys porsche

Try the new Honda Okada dat is made like boxer. Kai Ʋ will enjoy ridding

Wallie:

What's the goal of TopDriver? Are you guys in Nigeria? I'm very interested!

Yes we are in Nigeria, in Lagos state to be precise.

The TopDriver successfully combines our love for automobiles, music and fashion to create a unique aspirational lifestyle brand. The TopDrivers aim is to serve as an in-depth source of online motoring information. There will an extensive list of car reviews, motoring news and buyer guides.
With a pioneering spirit and an attraction that goes beyond ethnic differences our mission is to build a unique and exciting brand/motoring culture that will appeal to Nigerians and our inherent love for automobiles.
Our goal is to make the TopDriver grow from being Nigeria’s most exciting online motoring magazine, into a successful lifestyle and entertainment company.

The TopDriver maintains its premise of serving as a medium where people from all walks of life can share their motoring experiences in Nigeria, talk about the cars they drive or would love to drive (through the TopDriver website or social network page) and partaking in exciting events organised by us and players in the automotive industry whilst reaching a mass consumer audience at the same time. The TopDriver will also appeal to the fashion and entertainment industry, the lifestyles of artists and motoring trends in Nigeria because let’s face it we all drive cars.

Thanks for the interest

Like i said our website www.thetopdriver.com and www.topdriverF1.com (for fans of motorsport in Nigeria) are currently under construction.

emmatok:

What is INNOSON to Porsche.

Abegi comot for road.

Hit your head for wall if e dey pain you. We're talking of promoting Nigerian made goods and you're talking rubbish.

Good! The Porches need roads.

[color=#770077][/color] Plssss Adisa,get me my cheque book,i no fit wait make first consigment finish b4 i purchase my own..hunnn...Life is seriously good.Emi omo Jaye jaye.