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Champagne shipments from France to Nigeria have come down to the lowest ebb in at least 11 years on the back of rising inflation and weaker naira, data compiled by BusinessDay show.
Champagne shipments from France to Nigeria have come down to the lowest ebb in at least 11 years on the back of rising inflation and weaker naira, data compiled by BusinessDay show.
The country’s champagne import volumes were down by 53.2 percent to 302,141 bottles last year from 646,036 bottles in 2022. The value also declined by 49 percent to £12.9 million, according to Comité Champagne, a trade association that tracks the volume and value of exports from France.
The level of champagne imports into the country last year is almost at par with that of 2020 (304,199 bottles). The drop in imports saw Nigeria fall from its position as the second biggest buyer out of 48 African countries. Nigeria was the fourth biggest champagne importer last year in Africa behind South Africa (1.42 million bottles), Côte d’Ivoire (681, 549 bottles) and the Democratic Republic of the Congo (360,451 bottles).
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The decline in the value of the naira affected the purchasing power of consumers, making them buy less luxury products like champagne. Naira, which has depreciated by more than 60 percent since June last year, affected brands. Apart from the rising inflation, the foreign exchange crisis that has increased the import duty rate has made many importers unable to sustain their imports.
