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 specializing in Aston Martin and Lamborghini, but Porsche hopes to capitalize 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 per cent 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 Porches - 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.
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