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Friday, January 2, 2015

Forbes Profiles How Nigeria’s Rich Spend Over $2Million on Dream Weddings

6:08 AM

Report by Declan Eytan for Forbes magazine Illusionists flown in from Spain, flowers imported from France, or an R&B superstar flown in from the United States. No request seems to be out of line to Nigeria’s rich when it comes to the most beautiful day of their life.
And don’t even mention the b-word – budget, that is – ’cause whatever the bride wants, the bride gets.
Due to its oil reserves, gas, telecom and rising entertainment industry, Nigeria may consider itself Africa’s largest economy as of early2014. But natural resources and Nollywood aside, there’s another million dollar business out there giving the national GPD a major boost: the wedding events business.


The West African nation may be home to the majority of Africa’s billionaires, but there’s no shortage of millionaires either. “Our core clientèle is mainly made up by millionaires. They will not hesitate to spend the money in order to get what they want. If they need to fly in an artist from America, or a decorator from Dubai or London, they will do so,” says Funke Bucknor, founder of Nigeria’s leading wedding and events company, Zapphaire events.
Bucknor is a brand. Apart from her wedding planning duties, she’s published a book titled The Essential Bridal Hand book, and in the first quarter of 2015 her very own TV show will start airing on a national TV network. She founded her wedding planning business twelve years ago and was amongst the first to do so. Today, her profession which seemed unnecessary to many locals over a decade ago, has become an essential to the moneyed Nigerian bride that wants her wedding to be the talk of town.
Or perhaps it is better to say her weddings. ‘Cause one wedding alone just doesn’t cut it. First there is the traditional wedding – the only wedding recognized by the family – followed by the white wedding, which is similar to that which we know in the West. As for the latter, the destination wedding is all the rage. “Dubai and London are the most popular destinations, followed by Cape Town, Seychelles and the Maldives. Florence in currently growing in popularity,” Bucknor adds.
In 2013 research company Euromint showed how Nigeria had world’s fastest growing rate of champagne consumption, second only to France, while ahead of other lucrative markets including the US and China. Lagos-based beauty-queen-turned-event-planner, Elohor Aisien, concurs. “Nigerians love champagne, so the most money will be spent on drinks as well as food. On Nigerian weddings there’s food from 2pm till midnight.” Given that the average Nigerian wedding will easily have around 1000 guests, whereas the bigger wedding will have between 2000 and 3000 guests, the choice of champagne is a crucial one. 
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