Nigeria offers a variety of opportunities for foreign merchants wishing to expand their E-commerce into new regions:
● Bank Transfer Payments with methods like Paga Wallet are the most popular way to pay online in Nigeria, with Mobile Money and Wallet solutions swiftly catching up.
● The E-commerce market of the country is enormous, with over 25.6 billion USD and driven by a young and urban population. The market is expected to continue growing by 21.0% (CAGR) in the next four years, reaching 54.8 billion USD by 2029.
● With mobile penetration at over 95% (age 15+) and increasing investments in broadband infrastructure, Nigeria’s internet accessibility is improving rapidly. Affordable smartphones and widespread 4G/5G network coverage are further driving digital adoption.
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.