Market Size of Nigeria E-commerce Industry
| 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
*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.
