The Managing Director of Lifemate Furniture, Mr Liu Lihua, has expressed deep concern over the persistent fluctuations in Nigeria’s foreign exchange market and the rising rate of inflation, saying both factors continue to affect the growth of the furniture industry in the country.
Mr Liu spoke during the company’s 19th anniversary celebration and raffle draw event held at its Oregun, Ikeja showroom in Lagos. He said the instability in Nigeria’s economic environment is a major concern for manufacturers and retailers alike, especially those dealing with imported components or operating in high-cost industries like furniture manufacturing.
He explained that the unpredictable nature of the naira, coupled with inflation, makes it difficult for companies to plan ahead, hire more staff, or expand into new markets. “Foreign exchange and inflation have been our major challenges. If it is stable, I think all the companies will find a way to make a profit and make everything go well—to get more staff and expand our business,” Mr Liu said.
He stressed that a stable economy would create an enabling environment for businesses to thrive, generate employment and continue delivering quality services to customers. Despite the difficulties, Mr Liu noted that Lifemate Furniture has remained committed to its Nigerian customers and has grown steadily over the years.
“We grew from a very small company, now we are the biggest furniture company in Nigeria, and we have the largest furniture in that part. So, I think we have served the customer for 19 years, and we give good service, and I hope we can keep on doing that,” he said.
Lifemate Furniture, known for its wide range of home and office furniture, used the 19th anniversary celebration to reward its customers through a nationwide raffle draw competition. The event, which received entries from Lifemate’s six branches in Lagos, Abuja, Ibadan, Port Harcourt, Kano, and Mowe, saw many customers go home with various prizes.
According to the company, a total of 40 customers won fans, eight customers received mobile phones, five customers won washing machines, three got double-door refrigerators, while one lucky customer won the star prize of a car.
Mr Liu said the raffle draw was organised to show appreciation to loyal customers who have supported the brand over the years. “What informed the promo is that we are hoping to give the customer more feedback. The customer can enjoy Lifemate’s product, enjoy the service, and have a lasting memory. Since we are the largest, the biggest furniture company in Nigeria, we are looking to expand our business in so many other cities,” he said.
The Lifemate boss added that the company has so far focused on operating in major cities but plans to expand into other state capitals in the near future, creating more jobs and supporting the local economy.
“We want to start business in so many other capitals, other states, and we get more staff, so we give more jobs, so we can serve the community,” Mr Liu explained.
Industry watchers have noted that the furniture sector in Nigeria faces several structural and financial challenges, especially with the rising cost of production and the weak naira. Many companies import raw materials or components, and are therefore exposed to forex volatility. This often results in increased prices for consumers and reduced profitability for businesses.
Despite the difficult business climate, Lifemate Furniture has maintained a steady presence and brand recognition across the country, known for its showroom displays, customer service, and product variety.
The anniversary event was attended by staff, customers, and members of the public who joined in the celebration. The company promised to continue investing in quality and service delivery as it seeks to expand its footprint across Nigeria.
