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Friday, 4 November 2016

'We really miss Nigerians here and we hope things get better so they can shop again as they used to' Dubai luxury shop owners

Dubai luxury shops are also suffering the effects of the depreciating naira as the amount of Nigerians who shop with them have reduced drastically.

Business Daily gathered that luxury shops in the country are really missing Nigerians and pray thing get better so they can resume shopping with them. Read their report after the cut...

 
Dubai luxury shops are feeling the absence of Nigerians who have been kept away from their usual travels to Asia’s shopping capital by a weaker naira and higher airfares.
Nigerians who typically buy huge volumes of luxury goods such as gold and assorted jewelries and wristwatches as well as clothes, fabrics, shoes , other accessories and electronics, are cutting down on their expenses as a result of the economic downturn, dollar scarcity and high air fares.
“Before now, purchases from Nigerians made up about 18 percent of our market share, but it has dropped to about eight percent this year. I tell you the truth, we really miss Nigerians here and we hope things get better so that they can shop again as they used to,” Bilal Chaouch, sales manager, Paul Smith, a unisex luxury fashion clothing outfit told BusinessDay in Dubai.
Chaouch explained that between the months of September and November, the fashion outfit buys clothes in bulk, in anticipation of the influx of Nigerians who come in to shop for the festive period. He said that has not been the case this year, as Nigerians are nowhere to be found in the numbers that they used to come, leading to a sharp drop in demand.
“We hope the government in Nigeria will help provide dollars for Nigerians to come and shop here as they use to do. We hope things get better because patronage by Nigerians has been part of our success story,” he added.
Johanna Pascual, sales manager, Accessorize, a luxury accessory shop in Dubai also said she is missing the patronage from Nigerians. Pascual explained that Nigerians often bought accessories in large quantities but there has been a sharp drop in sales of accessories this year because only few Nigerians have been visiting recently and those who come do not buy as much as they used to.
“I always believed Nigerians were very rich people because when they came to buy gold, they always bought in large quantities and paid immediately. But that has changed now. We have not sold as much as we sold accessories by this time last year,” Pascual disclosed.
Gilbert, a sales representative of Timex, a wristwatch brand at the Dubai shopping mall said he has observed a sharp drop in demand from Nigerians for luxury brands.
The Dubai attraction has lost its shine as Nigerians now struggle at the airports to get dollars to travel unlike before when they could easily travel with the cards and shop in over 200 countries around the world.
As a BusinessDay reporter prepared to travel to Dubai on November 1, she noticed at least two people cancelled their flights because they could not get dollars at the rate of N385 from Travelex, as against N468 in the black market after waiting for over nine hours on the queue.
“I am so frustrated because I have been standing in this queue since 8.am this morning. I have bought my ticket and my flight is scheduled for take off in the next one hour but it is impossible for me to travel if I do not buy dollars from Travelex because it appears this is the only avenue to get dollar at the rate of N385,” a business traveller (name withheld) complained bitterly. The only option for me now is to cancel my flight and pay an extra N60, 000 because I am a business woman and I cannot travel without having money on me to buy my goods,” the business traveller added.
Emirates, which is the dominant airline of the Lagos to Dubai route has in the last 10 years airlifted 2.6 million passengers on the route making as much as N22.4 billion in tickets sales in Nigeria in 2012, against the N30.5 billion it earned in 2011, according to the Nigerian Civil Aviation Authority.

While the bilateral trade volume between Nigeria and UAE increased to $857 million in 2009 from $106 million in 2004, the volume which surged to almost $1 billion in the first quarter of 2015, has dwindled to to less than $900 million on the account of economic downturn in Nigeria resulting in high cost of foreign exchange and airfare spike.

Before now, Dubai, which accounts to over 80 percent of the Nigerian-UAE trade volume, hosted over 300,000 Nigerian visitors annually, 60 percent of whom were holiday makers, 30 percent for business, while education and healthcare shared the remaining 10 percent, according to the data from Dubai Tourism.

Ibrahim Auwalu, Nigeria’s Ambassador to the UAE, disclosed that about 90 percent of the trade between both countries is informal and fueled by over 300,000 Nigerians who spend more than $110 million (N18 billion) annually on UAE visas.

Besides holiday packages, most traded items by Nigerians include: gold, jewelry, fabric, shoes and other fashion accessories.
However, with the economic downturn, less than 200,000 Nigerians have visited Dubai in the last 10 months. Confirming the dwindling number of visitors from this country to the UAE, the Nigerian Civil Aviation Authority noted that total passenger traffic at Nigerian international airports declined by 6.9 percent in the first quarter of 2016 (Q1’16) and 0.5 percent in second quarter (Q2’16).

The figure is expected to decline further if the economic downturn persists.
Furthermore, the surge of Nigerians to buy properties in Dubai has reduced by almost 40 percent. According to First Group, Dubai’s leading property developer, with the intensified fight against corruption by the Economic and Financial Crimes Commission (EFCC), a lot of their would-be Nigerian clients are scared of buying properties in Dubai now, even those who made genuine money.

A source in the company said that a Nigerian celebrity from Lagos who made a 40 percent initial payment for an N800 million three-unit property in Dubai last year has not made further payment since then because of the forex limitations, as the property is priced in dollars.

The site's source however said that despite the economic downturn, Nigeria still leads other African countries in ownership of choice properties in Dubai, with over 500 properties and business partnerships.

28 comments:

RAPHAEL MR RAG AYUBA said...

For their mind........

Uju Phil said...

Good for them...

livingstone chibuike said...

Nigeria is in a mess ..d more u start missin Nigeria d better for una

Peter Dumore said...



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Ndubisi Tochukwu said...

They miss benefiting from us dats d bottom line.
Signed
LibBadBoy

AbokiDaWarriBoy said...

Dear Dubai,Nigerians can only patronize you when corruption is back to the country,for now the country is fighting corruption. God bless President Buhari🙌🏾



~glo rule your world~ cos I do•

Jamila Shaibu said...

Lol...na so

CHERYL (aka FROM GLORY to GLORY) said...

Nigerians are actually well respected in Dubai cos of how much they spend... Chanji has taken over

Long Live LIB

Juliet Iwuno said...

Imagine! Make we come dey enrich dem abi! Linda take note!

Esther Norah said...

In as much as I hate this recession, am in support of d current situation in Dubai. Dats where all our money is going, d wealthy b d politicians vaca there n shop also. Money is spent so much outside d country leaving d country to dry out d poor all in d name of tax n revenues

Anonymous said...

Lol.God bless Nigeria

Chizzy Liz said...

***********************ooyanu....

christie benjamin said...

Too bad for them!

Mr 47 said...

‎Sorry Dubai, Nigerian won't be shopping from you till further notice. Please kindly find your luxury customers elsewhere as we are currently undergoing rehabilitation. Thank you very much and God bless‎

FRESH said...

Looting has stopped in Nigeria so they won't see people shopping with girlfriends or sugar daddies.No more free money! Change is here!

Eleojo Blessing said...

Lol

Eleojo Blessing said...

Dis recession is real mehn

Usifoh Abraham said...

Una no go see Nigerians again o, we dey recession

Usifoh Abraham said...

Una no go see Nigerians again o, we dey recession

Anonymous said...

Hypocrite.

Vivian Reginalds said...

chai they shd pele
-D great anonymous now as Vivian Reginalds

OSINANL said...

Dem never see anything...
Naija is in recession now

Anonymous said...

I hear say na so e be for Turkey too.

Anonymous said...

You need to hear from china how dey re missin Nigerians too...if dis recession continues dey will tk it personal lol

evy claret said...

Of course they miss us because we contribute greatly to their economy

Eva Da Diva...

Tien Vu Minh said...

Imagine! They only concern bout the Moni Nigerians r bringin to dem bcos it helps Dem stable their economy. But we workin hard to beta our economy/Naira by exporting more than importing

Anonymous said...

Please my fellow blog visitors assist a sister . I'm in need of your assistance to raise capital to start off a little business to keep me going in life and at least put a smile on my mums face. Please. No amount is small. As I will be very grateful for any help rendered to me. Thank you and God bless you all Amen. You shall never know lack amen. This is my email address angelaa922@yahoo.com

Anonymous said...

Exactly my point!may this be the end of the era of seeing nigerians come spend stolen money in dubai and elsewhere...may we fix our country and our lives be changed Amen.

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