Construction of shopping malls in Nigeria, Africa’s largest economy, is on the rise, while in South Africa development of new malls has tremendously declined.
Despite its large economy and high population – over 170 million people – the West African oil producing nation has lagged behind on the shopping mall construction craze that hit the continent over the last decade.
Nigeria has just a handful of formal shopping centers each with more than 10,000 square meters of leasable space. But that’s changing as several large malls are under construction.
The country has more than 100,000 square meters of leasable area in modern-format shopping centers and will be adding another 180,000 square meters of retail space by the end of 2016, according to a Broll Property Report.
By the end of last year, Nigeria had about a dozen Western-style shopping malls catering for people living in urban areas, The New York times reported.