Nigeria’s luxury retail sector is witnessing a noticeable surge in appetite for high-end horology, driven by sophisticated collectors seeking high-complication timepieces and bolstered by ongoing macroeconomic reforms.
Nicolas Rudaz, Chief Executive Officer of premier Swiss watchmaker Franck Muller, disclosed this during his maiden official visit to Lagos, describing Nigeria as one of the fastest-growing emerging markets for luxury craftsmanship in Africa.
Speaking during an interactive session with journalists in Lagos, Rudaz, who has been with the Geneva-based manufacture for 19 years, noted that Nigerian consumers are increasingly sophisticated, moving beyond entry-level luxury items to demand intricate mechanical complications.
“Demand in Nigeria is very much increasing,” Rudaz stated. “There is definitely more demand, and Nigerians are asking for more complications. They are becoming far more educated in the fine world of high watchmaking. This growth is partly backed by rising national economic output and broader market opportunities.”
Rudaz attributed the positive trajectory of the luxury market to the federal government’s strategic economic policies, which he noted are beginning to yield constructive results for trade and international commerce.
Highlighting Franck Muller’s legendary reputation as the “Master of Complications,” Rudaz emphasized that true horological collectors recognize the brand’s technical breakthroughs—most notably its pioneering work with the tourbillon.
“For example, at Franck Muller, we manufacture the world’s fastest tourbillon, which completes a full 360-degree rotation every five seconds—twelve times faster than a standard tourbillon,” Rudaz explained.
“For anyone who claims to be a serious watch collector, owning such a masterpiece is essential. Furthermore, Franck Muller made history as the first watchmaker to place the tourbillon on the front dial of a wristwatch, whereas it was traditionally hidden on the back or confined to pocket watches.”
This breakthrough paved the way for subsequent world-first innovations from the brand, including double and triple tourbillons, as well as the world’s largest tourbillon mechanism.
Addressing modern technological shifts and the rise of Artificial Intelligence (AI) across global industries, the Franck Muller chief asserted that ultra-luxury watchmaking remains anchored in human artfulness and centuries-old Swiss tradition.
“AI is not going to revolutionize the watchmaking world immediately,” Rudaz affirmed. “You will always need extraordinarily talented, highly skilled artisans at every single level. At Franck Muller, we utilize AI strictly for administrative tasks, letter writing, and routine office functions—never for the creation of our timepieces.”
Rudaz’s historic visit to Nigeria was hosted in close collaboration with Polo Ltd, Nigeria’s leading luxury retail conglomerate and the official partner of Franck Muller in the country.
Welcoming the Swiss executive, John Obayuwana, Chief Executive Officer of Polo Ltd, described the visit as a major milestone that reinforces global confidence in the Nigerian market while empowering local retail teams.
“The arrival of Nicolas today is a huge milestone for us; it energizes and empowers our entire team,” Obayuwana said. “Developing the brand locally in Nigeria rests on our shoulders. The intensive product training and educational insights provided during this visit significantly strengthen our sales specialists to better serve our discerning clientele.”
Obayuwana also commented on Nigeria’s broader economic outlook, expressing optimism that long-term policy adjustments will reposition the nation as an attractive hub for global luxury brands.
“Nigeria’s economy is positioned for steady growth following major policy reforms instituted since 2023, including foreign exchange unification and subsidy adjustments, which have re-established Nigeria on the global investment map,” Obayuwana noted. “While challenges remain in ensuring these macroeconomic gains fully filter down, the underlying structural progress is undeniable.”
Founded in Geneva, Switzerland, in 1991 by master watchmaker Franck Muller, the independent manufacture continues to set global standards for modern luxury watchmaking, remaining a preferred choice among elite African collectors.
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Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.
