e-Commerce and Payments in Nigeria
Largest economy in Africa with payment focused solutions.
Nigeria's e-commerce industry has expanded as a result of rising internet usage and mobile phone ownership. In Nigeria, payment methods including mobile money, e-wallets, and online payment platforms are becoming more popular.
Market Overview
-
Population
223.8 million
-
Online Population
122.5 million
-
Currency
NGN
-
e-Commerce Market Value
$6.36 billion
-
GDP
$491.7 billion
-
GDP per Capita
$2,523
Available Local Payment Method
NG Bank Transfer
Type
Bank Transfer
Regions
Africa
Key Takeaways
- Access to financial services is available to 60% of Nigerians, which presents considerable opportunity for businesses looking to grow there.
- Digital payments to Nigerian businesses increased by 40% in the first half of 2022 compared to the same time in 2021.
- Nigeria is the biggest consumer market in all of Africa, and retail is the second-largest contribution to GDP after oil.
- Jumia.com.ng, which generated $20.7 million in sales in 2021, is the market leader in Nigeria. The top three retailers in Nigeria’s top 100 online retailers, including Slot.ng and Ajebomarket.com, account for 52.2% of the total sales.
