Nigeria offers a variety of opportunities for foreign merchants wishing to expand their e-commerce into new regions:
● The E-commerce market of the country is enormous, with over 6.6 billion USD and driven by a young and urban population. The market is expected to continue growing, as the country is experiencing rapid internet adoption across the country, with almost 1/3 of current internet users joining between 2015-2020.
● People are using e-commerce regularly as over 45% of Nigeria’s population are banked, and 35.7% have access to credit cards. However, while bank transfers are a popular way to pay online, Mobile Money is increasingly growing, with over 18 million of users already.
● Almost half of Nigerians are regular e-commerce users, thanks to a well-developed mobile and internet infrastructure. In fact, it is estimated that 95% of Nigerians are connected via mobile phone.
Nigeria is already a huge e-commerce market, and demonstrates further potential. The vast, young and growing population should not be overlooked by international merchants.