Hard Rock Cafe bets on Nigeria

Wow! That was my first thought the first time I walked into Hard Rock Cafe in Nigeria's Lagos some weeks ago. I had just attended one of the sessions at Social Media Week taking place in same complex and needed a break. What a nice break it turned out to be. Refreshing drinks while looking at the sea. I knew instantly I would be patronizing them again. The atmosphere was superb, great music. Didn't try the food though; not until I went back there to cover the launch which took place few weeks after my first visit. This time, I had lots of time to look at what makes Hard Rock Cafe different from other restaurants. Amid a slump in oil revenues, business is struggling to cope with the current downturn in Nigeria. It's not, though, stopping Hard Rock from opening its latest a rock 'n' roll-themed café in Lagos. After the interview with the CEO on the evening of the launch, I had few hours before the main event kicked off, providing me opportunity to feed my eyes. The cafe has its walls covered with rock and roll memorabilia, a tradition which they are now known for.

Located in the heart of the city beside the sea, the restaurant with a swimming pool, three bars and the world famous Rock Shop is expected to draw on Nigerians from the wealthy, middle and elite classes. The Hard Rock Cafe first opened its doors in central London 45 years ago before expanding with restaurants worldwide. It is best known for its collection of music memorabilia that adorns its venues around the world. Chief executive officer for Hard Rock Cafe International, Hamish Dodds said Nigeria - Africa's most populous country fell naturally into its expansion plans after successful entries in Egypt, South Africa and Tunisia.

"I think Nigeria is more than ready for us. They have ample population, big population, a lot of wealth, they're an engine of economic growth in Africa and the people here love a good time, they love music and good food so it just makes sense to now come."
But it's a difficult time to do business in Africa's biggest economy. Nigeria faces its worst economic crisis for decades as the falling price of oil - the country's lifeblood, has slashed revenues, prompting the central bank to peg the currency and introduce curbs to conserve foreign exchange reserves which have fallen to a more than 11-year low. Companies have laid off thousands, cut production and even closed operations as they struggle to get enough dollars to pay for imported spare parts and raw materials.
Dodds said Hard Rock Cafe was aware this risk and that it was much like many of its other investments.

"Ultimately I think our investment is based upon the expectation that there are other elements to the economy as well and that people are gonna come to our brand and come to our business."
The cafe, which opened in December last year has been promoted by top Nigerian artists and celebrities as the newest place to be in bustling and trendy Lagos.
The oil wealth of Africa's biggest producer has made multi-millionaires of its elite in the past, even while absolute poverty weighed on the majority of its population.

Link to the video: Hard Rock bets on Nigeria

Pictures courtesy Sharon Ogunleye