eCommerce market in Nigeria

Nigeria is the 56th largest market for eCommerce with a predicted revenue of US$2,225.2 million by 2024, placing it ahead of Slovakia. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.8%, resulting in a projected market volume of US$3,598.7 million by 2028. With an expected increase of 16.5% in 2024, the Nigerian eCommerce market contributed to the worldwide growth rate of 10.1% 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 24.1% of the Nigerian eCommerce revenue. It is followed by Electronics with 23.0%, Fashion with 19.0%, Furniture & Homeware with 11.5%, Care Products with 8.8%, DIY with 8.1%, 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$207 million in October 2024. This refers to a growth of 11.0% compared to September 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$207.0m

The eCommerce revenue grew by 11.0% from September 2024 to October 2024.

10-2024+11.0%

Monthly revenue shares in the last 12 months

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

0-20241-20242-20243-20244-20245-20246-20247-20248-20249-202410-202411-2024
Revenue (in mUS$)0.00.00.00.00.00.00.00.00.00.00.00.0
Monthly revenue share (in %)48.810.312.125.214.929.828.619.235.163.076.298.6

Market development

eCommerce revenue development in Nigeria

Nigeria is the 56th largest market for eCommerce with a predicted revenue of US$2,225.2 million by 2024, placing it ahead of Slovakia. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.8%, resulting in a projected market volume of US$3,598.7 million by 2028. With an expected increase of 16.5% in 2024, the Nigerian eCommerce market contributed to the worldwide growth rate of 10.1% 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 24.1% of the Nigerian eCommerce revenue. It is followed by Electronics with 23.0%, Fashion with 19.0%, Furniture & Homeware with 11.5%, Care Products with 8.8%, DIY with 8.1%, and Grocery with the remaining 5.5%.

eCommerce revenue development in Nigeria

in million US$

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

eCommerce revenue growth in Nigeria

in %

Note: Market revenue represents B2C sales of physical goods including VAT. It excludes B2B sales, C2C sales, returns, compensation for damaged or missing goods, any discounts granted and services. Data shown is using current exchange rates.

Source: ECDB analysis

Net eCommerce revenue split by sub-category

in %

Note: Data shown is using current exchange rates.

Source: ECDB analysis

20202021202220232024202520262027
Revenue (in mUS$)0.00.00.00.00.00.00.00.0
Growth (in %)2.59.316.683.071.690.580.069.5

Online share

eCommerce online share in Nigeria

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Nigerian retail market, the online share is 1.6% and will decrease by an average of 2.7% to 1.5% by 2028.

eCommerce online share in Nigeria

in %

Note: Data shown is using current exchange rates.

Source: Statista Market Insights , ECDB analysis

20202021202220232024202520262027
Online share (in %)44.6%47.0%19.1%38.1%78.5%43.7%9.8%3.4%

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

in million US$

Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed

Source: Annual report, secondary sources, ECDB analysis

Filtered revenue / share
Global revenue
Growth
no-access-0
US$900.0m
20.7%
US$8,300.0m8.3%
no-access-1
US$550.0m
12.0%
US$4,600.0m12.4%
no-access-2
US$470.0m
3.9%
US$1,190.0m33.6%
no-access-3
US$430.0m
20.6%
US$2,122.0m18.0%
no-access-4
US$370.0m
20.7%
US$1,814.0m12.6%

See further stores

Nigeria - All Categories Worldwide - All Categories

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

in %

Note: A store can offer more than one payment method (Multi-pick), based on 53 stores in the Nigerian eCommerce market

Source: ECDB analysis

See all stores offering

VISA Mastercard PayPal