E-commerce in Nigeria Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers E-Commerce Statistics in Nigeria and is Segmented by B2C E-Commerce (Beauty and Personal Care, Consumer Electronics, Fashion and Apparel, Food and Beverage, Furniture and Home), B2B E-Commerce. The Market Sizes and Forecasts are Provided in Terms of Value in USD for all the Above Segments.

Nigeria E-commerce Market Size

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Nigeria E-commerce Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 8.53 Billion
Market Size (2029) USD 14.92 Billion
CAGR (2024 - 2029) 11.82 %
Market Concentration Medium

Major Players

Nigeria E-commerce Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Nigeria E-commerce Market Analysis

The Nigeria E-commerce Market size is estimated at USD 8.53 billion in 2024, and is expected to reach USD 14.92 billion by 2029, growing at a CAGR of 11.82% during the forecast period (2024-2029).

The Nigerian e-commerce market has experienced significant growth in recent years, driven by increasing internet penetration, growing smartphone usage, and a rising middle class with disposable income.

  • Nigeria has one of the largest economies in Africa, and its e-commerce market has immense potential. According to the CIA, Nigeria's population grew by about 6.39 percent compared to the previous year, providing a substantial consumer base for e-commerce businesses to target.
  • Mobile devices play a crucial role in Nigeria's e-commerce landscape. With the widespread adoption of smartphones, many Nigerians access the internet and engage in online shopping primarily through mobile devices. E-commerce platforms and businesses have recognized this trend and optimized their websites and applications for mobile users.
  • Adopting online payment modes has been a significant driver of the Nigerian e-commerce market. As more Nigerians embrace digital payments, it has facilitated the growth of e-commerce by providing secure, convenient, and efficient online transactions.
  • The increase in cybercrime poses a significant restraint to the Nigerian e-commerce market. Cybercriminal activities can undermine consumer trust, disrupt online transactions, and create concerns about personal and financial information security.
  • The COVID-19 pandemic has significantly impacted the Nigerian e-commerce market, accelerated its growth, and transformed consumer behavior. The lockdowns and movement restrictions imposed during the pandemic led to a surge in online shopping as consumers sought convenient and contactless ways to fulfill their needs. Nigerians turned to e-commerce platforms to purchase essential items, groceries, and other goods, driving increased demand and transactions in the e-commerce market. Post-pandemic also, the market is proliferating with the increased internet penetration.

Nigeria E-commerce Market Trends

Growing Penetration of Internet is Expected to Drive the Market Growth

  • The growing Internet penetration in Nigeria has been a significant driver of the e-commerce market in the country. With increasing internet access and smartphone usage, more Nigerians can now connect to online platforms and engage in various e-commerce activities. According to Nigerian Communications Commission (NCC), In November 2022, the number of 3G/4G mobile broadband subscriptions in Nigeria was 88.3 million.
  • The Internet has provided Nigerians convenient access to various products and services. As a result, online shopping has gained popularity, and more people are now purchasing goods and services through e-commerce platforms. This has led to the growth of local and international e-commerce businesses in Nigeria.
  • The demand for online shopping has prompted the establishment and growth of e-commerce platforms in Nigeria. Companies like Jumia, Zikel Cosmetics, and SLOT Systems Limited have emerged as major players in the Nigerian e-commerce market, offering diverse product categories and facilitating secure transactions.
  • The rise of internet penetration has also spurred the adoption of digital payment solutions in Nigeria. Mobile payment systems, such as mobile wallets and payment apps, have made it easier for Nigerians to make online transactions. This has further fueled the growth of e-commerce, as people now have convenient and secure ways to pay for their purchases online.
  • E-commerce allows businesses to reach a larger customer base beyond physical store locations. With the Internet, Nigerian e-commerce businesses can market their products or services nationwide and globally. This has provided small and medium-sized enterprises (SMEs) opportunities to expand their reach and compete in the digital marketplace.
Nigeria E-commerce Market: 3G and 4G Mobile Broadband Subscriptions, in Millions, in Nigeria, 2017-2022

Consumer Electronics Application Segment is Expected to Hold Significant Market Share

  • Consumer electronics play a significant role in the Nigerian e-commerce market. The demand for consumer electronics products has grown steadily as Nigerians embrace technology and seek to meet their digital needs. 
  • E-commerce platforms have become popular avenues for Nigerians to purchase consumer electronics products. These platforms offer many options, including smartphones, laptops, televisions, home appliances, audio systems, and more. Customers can compare prices, read reviews, and make informed purchasing decisions conveniently from their homes. 
  • Mobile subscriptions provide Nigerians with access to the internet, allowing them to browse e-commerce platforms and engage in online shopping activities. With mobile devices and internet connectivity, consumers can conveniently explore and purchase consumer electronics products from their smartphones or tablets, regardless of their physical location. According to NCC, MTN was the leading mobile operator in Nigeria in February 2022, with a market share of 37.9 percent. From January 2019 to February 2022, the market share of Nigeria's major carriers remained relatively steady, with MTN leading the way, followed by Globacom and Airtel, each with approximatly 28 percent.
  •  E-commerce has enabled Nigerians to access the latest consumer electronics products, including those that may not be readily available in local brick-and-mortar stores. Online retailers often stock various brands and models, allowing consumers to choose products that meet their needs and preferences.
  •  E-commerce provides a convenient shopping experience for consumers looking to buy consumer electronics. Nigerians can browse products, compare features, read customer reviews, and make purchases with just a few clicks. Online platforms also offer various payment options, including cash on delivery, mobile wallets, and bank transfers, making the buying process seamless.
  • E-commerce has facilitated the growth of the market for tech accessories and peripherals in Nigeria. Customers can easily find and purchase phone cases, chargers, headphones, gaming accessories, and more to enhance their consumer electronics experience. Online retailers often stock various accessories, catering to different device models and brands.
Nigeria E-commerce Market: Share of Mobile Subscriptions, in Percentage (%),  by Operator, Nigeria 2019-2022

Nigeria E-commerce Industry Overview

The Nigeria E-commerce Marke is fragmented with the presence of major players like Zikel Cosmetics, Jumia International, Slot Systems Limited, Ajebomarket, and Chrisvicmall, among others. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

  • March 2023 - Jumia, one of Africa's leading e-commerce platforms, has announced its annual "Tech Week" campaign to provide users with legitimate tech gadgets such as mobile phones and accessories, cameras, video games, TVs, computers, and others. Consumers in Nigeria will utilize the offer to upgrade their technological accessories.
  • September 2023 - The United Nations Conference on Trade and Development predicted that Nigeria and other African countries will have over half a billion e-commerce users by 2025. According to the UNCTAD, this was because the sector had shown a steady 17% compound growth rate of online consumers.

Nigeria E-commerce Market Leaders

  1. Zikel Cosmetics

  2. Chrisvicmall

  3. Soso Games

  4. Bonoamour

  5. Ajebomarket

*Disclaimer: Major Players sorted in no particular order

Nigeria E-commerce Market Concentration
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Nigeria E-commerce Market News

  • March 2023 - ImaliPay, a global FinTech-as-a-Service provider, has partnered with Renda, a third-party e-commerce fulfillment solution. Through this agreement, they seek to help companies across Africa by simplifying and optimizing the order fulfillment process for enterprise and medium-sized firms. It will begin with Nigeria.

Nigeria E-commerce Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Key market trends and share of E-commerce of total Retail sector

    4. 4.4 Impact of COVID-19 on the E-commerce sales

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Adoption of Online mode of Payments

      2. 5.1.2 Growing Penetration of Internet

    2. 5.2 Market Challenges

      1. 5.2.1 Increase in Cybercrime

    3. 5.3 Analysis of Key Demographic Trends And Patterns Related To E-commerce Industry In Nigeria (Coverage To Include Population, Internet Penetration, Ecommerce Penetration, Age & Income Etc.)

    4. 5.4 Analysis Of The Key Modes of Transaction In The E-commerce Industry In Nigeria (Coverage To Include Prevalent Modes of Payment Such As Cash, Card, Bank Transfer, Wallets, Etc.)

    5. 5.5 Analysis Of Cross-border E-commerce Industry In Nigeria (Current Market Value Of Cross-border & Key Trends)

    6. 5.6 Current Positioning Of Country Nigeria In The E-commerce Industry In Africa

  6. 6. MARKET SEGMENTATION

    1. 6.1 By B2C ecommerce

      1. 6.1.1 Market size (GMV) for the period of 2018-2028

      2. 6.1.2 By Application

        1. 6.1.2.1 Beauty and Personal Care

        2. 6.1.2.2 Consumer Electronics

        3. 6.1.2.3 Fashion and Apparel

        4. 6.1.2.4 Food and Beverage

        5. 6.1.2.5 Furniture and Home

        6. 6.1.2.6 Others (Toys, DIY, Media, etc.)

    2. 6.2 By B2B ecommerce

      1. 6.2.1 Market size for the period of 2018-2028

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Zikel Cosmetics

      2. 7.1.2 Jumia International

      3. 7.1.3 SLOT Systems Limited

      4. 7.1.4 Ajebomarket

      5. 7.1.5 Chrisvicmall

      6. 7.1.6 Obeezi Mall

      7. 7.1.7 Soso Games

      8. 7.1.8 BonAmour

      9. 7.1.9 PayPorte

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OUTLOOK OF THE MARKET

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Nigeria E-commerce Industry Segmentation

E-commerce, commonly known as electronic commerce, involves any online transaction, including purchasing and selling products and services. Among other advantages, e-commerce provides convenience, borderless transactions, and scalability.

The NigeriaE-commerce market is segmented by b2c e-commerce (beauty and personal care, consumer electronics, fashion and apparel, food and beverage, furniture and home), B2B e-commerce. The market sizes and forecasts are provided in terms of value in USD million for all the above segments.

By B2C ecommerce
Market size (GMV) for the period of 2018-2028
By Application
Beauty and Personal Care
Consumer Electronics
Fashion and Apparel
Food and Beverage
Furniture and Home
Others (Toys, DIY, Media, etc.)
By B2B ecommerce
Market size for the period of 2018-2028
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Nigeria E-commerce Market Research FAQs

The Nigeria E-commerce Market size is expected to reach USD 8.53 billion in 2024 and grow at a CAGR of 11.82% to reach USD 14.92 billion by 2029.

In 2024, the Nigeria E-commerce Market size is expected to reach USD 8.53 billion.

Zikel Cosmetics, Chrisvicmall, Soso Games, Bonoamour and Ajebomarket are the major companies operating in the Nigeria E-commerce Market.

In 2023, the Nigeria E-commerce Market size was estimated at USD 7.52 billion. The report covers the Nigeria E-commerce Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nigeria E-commerce Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Ecommerce in Nigeria Industry Report

Statistics for the 2024 Ecommerce in Nigeria market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Ecommerce in Nigeria analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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E-commerce in Nigeria Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)