Nigeria E-commerce Market Analysis and Forecast, 2019-2028

Market Size and Market Introduction

The e-commerce market in Nigeria refers to the market for online buying and selling of goods and services. The market is rapidly growing, driven by the increasing use of the internet and the increasing penetration of mobile devices in the country.

The Nigeria e-commerce market is expected to grow at a CAGR of 25% from 2022 to 2028, driven by the increasing use of the internet and the increasing penetration of mobile devices in the country. The market is expected to reach US$ 10 billion by 2028, driven by the increasing demand for online shopping and the increasing availability of online payment options.

Market Segmentation

The Nigeria e-commerce market can be segmented based on the type of goods and services sold, the mode of payment, and the target audience. Based on the type of goods and services sold, the market can be segmented into fashion and clothing, electronics, home and garden, and other categories. Based on the mode of payment, the market can be segmented into cash on delivery, online payment, and mobile payment. Based on the target audience, the market can be segmented into consumers and businesses.

Regional Analysis

The Nigeria e-commerce market is a rapidly growing market, driven by the increasing use of the internet and the increasing penetration of mobile devices in the country. The market is expected to grow significantly in the coming years, driven by the increasing demand for online shopping and the increasing availability of online payment options.

Competitive Landscape

The Nigeria e-commerce market is highly competitive, with a large number of players operating in the market. Key players in the market include Jumia, Konga, and others. These players are focusing on expanding their product offerings, improving their delivery and customer service capabilities, and increasing their presence in the country to increase their market share.

Market Outlook and Macroeconomic Scenario

The Nigeria e-commerce market is expected to grow significantly in the coming years, driven by the increasing use of the internet and the increasing penetration of mobile devices in the country. Companies operating in the market are focusing on expanding their product offerings, improving their delivery and customer service capabilities, and increasing their presence in the country to increase their market share. The increasing demand for online shopping and the increasing availability of online payment options are expected to drive the growth of the market in the coming years. The market presents a significant opportunity for companies to increase their revenue and market share by expanding their presence in the country and offering convenient and accessible online shopping options to consumers.

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.