eCommerce market in Nigeria

Nigeria is the 39th largest market for eCommerce with a predicted revenue of US$7,627.6 million by 2023, placing it ahead of Israel. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 11.3%, resulting in a projected market volume of US$11,707.0 million by 2027. With an expected increase of 25.5% in 2023, the Nigerian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Nigeria, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Nigerian eCommerce market. Electronics & Media is the largest market and accounts for 39.3% of the Nigerian eCommerce revenue. It is followed by Fashion with 22.3%, Furniture & Appliances with 15.7%, Food & Personal Care with 12.7%, and Toys, Hobby & DIY with the remaining 10.1%.

The biggest player in the Nigerian eCommerce market is jumia.com.ng. The store had a revenue of US$20.7 million in 2021. jumia.com.ng is followed by slot.ng and ajebomarket.com as the second- and third-largest stores with US$7.4 million and US$5.6 million, respectively. Altogether, the top three stores account for 52.2% of the top 100 online stores' revenue in Nigeria. 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.