eCommerce market in Nigeria
Nigeria is the 54th largest market for eCommerce with a predicted revenue of US$2,537.1 million by 2024, placing it ahead of the Dominican Republic. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.7%, resulting in a projected market volume of US$4,100.1 million by 2028. With an expected increase of 16.5% in 2024, the Nigerian eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Nigeria, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Nigerian eCommerce market. Hobby & Leisure is the largest market and accounts for 23.5% of the Nigerian eCommerce revenue. It is followed by Electronics with 23.2%, Fashion with 19.1%, Furniture & Homeware with 11.6%, Care Products with 8.9%, DIY with 8.2%, and Grocery with the remaining 5.5%.
Monthly revenues
Monthly revenues in the Nigerian eCommerce market
The monthly eCommerce revenue of the Nigerian eCommerce market was US$222 million in November 2024. This refers to a growth of -5.8% compared to October 2024. Within the last 12 months, the monthly revenue share was the highest in July 2024 with 9.5% of the total 2024 revenue of the Nigerian eCommerce market and the lowest in April 2024 with 7.3% of the total 2024 revenue.
Revenue Last Month
US$222.3m
The eCommerce revenue fell by 5.8% from October 2024 to November 2024.
Monthly revenue shares in the last 12 months
0-2024 | 1-2024 | 2-2024 | 3-2024 | 4-2024 | 5-2024 | 6-2024 | 7-2024 | 8-2024 | 9-2024 | 10-2024 | 11-2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Monthly revenue share (in %) | 56.2 | 44.9 | 37.3 | 21.4 | 83.6 | 80.7 | 89.5 | 12.2 | 62.4 | 33.1 | 22.0 | 12.3 |
Market development
eCommerce revenue development in Nigeria
Nigeria is the 54th largest market for eCommerce with a predicted revenue of US$2,537.1 million by 2024, placing it ahead of the Dominican Republic. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.7%, resulting in a projected market volume of US$4,100.1 million by 2028. With an expected increase of 16.5% in 2024, the Nigerian eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Nigeria, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Nigerian eCommerce market. Hobby & Leisure is the largest market and accounts for 23.5% of the Nigerian eCommerce revenue. It is followed by Electronics with 23.2%, Fashion with 19.1%, Furniture & Homeware with 11.6%, Care Products with 8.9%, DIY with 8.2%, and Grocery with the remaining 5.5%.
eCommerce revenue development in Nigeria
eCommerce revenue growth in Nigeria
Net eCommerce revenue split by sub-category
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth (in %) | 87.7 | 70.1 | 5.7 | 83.1 | 65.5 | 69.1 | 36.0 | 98.6 |
Top stores
Top five online stores in Nigeria by net sales 2023
The biggest player in the Nigerian eCommerce market is jumia.com.ng. The store had a revenue of US$33.7 million in 2023. Store rankings include every store that generates revenue in Nigeria. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Nigeria was considered.
eCommerce net sales generated in Nigeria in 2023
Filtered revenue / share eCommerce net sales refer to the year 2023 | Global revenue eCommerce net sales refer to the year 2023 | Growth eCommerce net sales growth refers to 2023/2022 | |
---|---|---|---|
US$900.0m 20.7% | US$8,300.0m | 8.3% | |
US$550.0m 12.0% | US$4,600.0m | 12.4% | |
US$470.0m 3.9% | US$1,190.0m | 33.6% | |
US$430.0m 20.6% | US$2,122.0m | 18.0% | |
US$370.0m 20.7% | US$1,814.0m | 12.6% |
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Payment Methods
Top 5 offered payment methods in the Nigerian eCommerce market
With 83.0% VISA the most commonly offered payment method of all online stores in the Nigerian eCommerce market in 2023. Like VISA Mastercard with a share of 81.1% and Verve Card with a share of 45.3% the payment type Cards is the most common used by online retailers in in the Nigerian eCommerce market in 2023. Other commonly used payment methods in that market are Bank transfer/cash in advance (Bank transfer) with 71.7% and Cash on delivery (Cash on delivery) with 58.5% of stores offering that payment method to the clients.
Top 5 offered payment methods in the Nigerian eCommerce market
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