Nigeria E-commerce market opportunity in excess of N255bn annually

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emailarchive2Medessy Enterprises Limited, owner of www.gidimall.com, says that the current market opportunity for electronic commerce in Nigeria is in excess of N255 billion annually.

According to the online retailer, e-Commerce market in the country, though nascent, is growing very rapidly at a rate of 25 percent every year.

This figure, the firm believes, is expected to change rapidly and positively as more and more customers look towards the internet to find the best deals on products and services.

Esi Evbakhavbokun, the firm’s director of operations, in a media statement, said today’s market is experiencing changing consumer behavior especially in favour of e-commerce.

“Encouraging this trend is the ever-increasing internet penetration due to cheaper data prices occasioned by massive financial investment in the telecommunications industry, massive mobile phone penetration with significant growth in the acquisition of Smartphone’s, and the Central Bank of Nigeria’s push towards a Cash-lite economy,” Evbakhavbokun added.

According to the Gidimall.com director, electronic commerce is in its nascent stage in Nigeria, further adding that there is massive market opportunity in the sector due to Nigeria’s huge population.

Nigeria is amongst the top 10 most populous nations in the world with approximately 170million residents.

This figure according to the World Bank is expected to be in excess of 264m by the end of 2050.

Transaction volumes via PoS, web, and, mobile have experienced a massive growth. While e-Commerce across the rest of the world is growing at 16.8 percent, Africa’s B2C e-Commerce space is growing at a rate of 25.8 percent – making it the fastest growing in the world.