Nigeria

Nigeria

General Information

  • Population 211.4 m
  • Population 15 + 120.3 m
  • Online Population 110.2 m
  • Area 923,768 km2
  • Currency NGN
  • GDP 480.5 bn USD
  • GDP per Capita 2,273 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"37"},{"label":"Cash-based payments","value":"20"},{"label":"Bank transfer","value":"26"},{"label":"Wallets","value":"8"},{"label":"Other","value":"9"}]
Banked population
  • Nigeria 42%
  • Middle East & Africa 48%
  • World 67%
Credit card penetration
  • Nigeria 4%
  • Middle East & Africa 12%
  • World 19%
Internet penetration
  • Nigeria 52%
  • Middle East & Africa 45%
  • World 62%
Smartphone penetration
  • Nigeria 53%
  • Middle East & Africa 65%
  • World 70%

Nigerian social commerce is set to grow by 82.4% in 2022 to reach USD1,003.8m, and then is forecast to keep growing by CAGR 71.3% to a worth of USD23,817.4m in 2028.

jumia.com.ng, Nigeria’s most popular e-commerce site, celebrated its 10th birthday in 2022. It had 4.26m visits in July 2022. 

Nigerian merchants have recorded a 40% increase in e-payments during the first half of 2022 compared to the same period in 2021.  That amounts to USD484.3bn compared to USD345.3bn.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2022 16.0
2023 19.6
2024 23.4
2025 27.4
2026 31.5
E-Commerce spending per capita ($US)
2022 74
2023 88
2024 103
2025 117
2026 132
E-Commerce spending as % of GDP
2022 3.2%
2023 3.4%
2024 3.6%
2025 3.7%
2026 3.8%

Nigeria

The E-Commerce Market

Top e-commerce segments

  1. Fashion: 35%
  2. Electronics & Media: 28%
  3. Furniture & Appliances: 17%
  4. Food & Personal Care: 11%
  5. Toys, Hobby & DIY: 9%

Cross-border e-commerce

  1. % of online shoppers who have shopped cross-border – 65%

Top Cross-Border Shopping Origin Markets

  1. China
  2. US
  3. Germany
B2C E-commerce Growth 20->21
  • Nigeria 37.2%
E-commerce % of total retail
  • Nigeria 7%
  • Middle East & Africa 3.0%
  • World 20%
E-commerce completed on a mobile device
  • Nigeria 49%
  • Middle East & Africa 53%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • Local Schemes
[{"label":"Visa","value":"18"},{"label":"Mastercard","value":"28"},{"label":"Local Schemes","value":"54"}]
  • E-commerce market size 12.6 bn USD
  • E-Commerce spending per capita 60 USD
  • E-commerce spending as % of GDP 2.9%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Nigeria

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayU Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 2 Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Airtel Money Type Wallet Regions Asia Pacific, Middle East & Africa Market relevance High Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paga Wallet Type Wallet Regions Middle East & Africa Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Verve Type Local payment card Regions Middle East & Africa JumiaPay Type Bank transfer Regions Middle East & Africa Market relevance Medium KongaPay Type Wallet Regions Middle East & Africa Market relevance Medium MTN Mobile Money Type Wallet Regions Middle East & Africa Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium BankIT Type Bank transfer Regions Middle East & Africa Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 PocketMoni Type Wallet Regions Middle East & Africa ReadyCash Type Wallet Regions Middle East & Africa Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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