- Sunday, 02 February 2014
THE growth profile of Nigeria’s electronic commerce (e-commerce) industry, with a current value of $35 billion, has been assessed as being driven by the middle class group.
There are about 300 e-commerce sites running servicing Nigerians. The main brands among this group include jumia.com, konga.com, gloo.ng, buyam.com.ng, www.olx.com.ng and mygizmostore.com. Others are mystore.com.ng, buyrightafrica.com, kaymu.com.ng, dealdey.com and wakanow.com
According to analysts, the last two years had witnessed investments to the tune of over $15 billion with a projection that in another five years, online businesses in Nigeria would have moved from the present $35 billion worth to about $200 billion. Although, the World Bank puts Nigeria’s population at an estimate of 160 million, the African Development Bank (AfDB) said that the middle-class makes up about 23 per cent of the Nigerian population. Indeed, according to statistics from the Nigerian Communications Commission, Nigeria currently has about 56 million Internet users and about 32 per cent penetration.