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%.
Market development
eCommerce revenue development 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$11,707.0 million by 2027. With an expected increase of 25.5% in 2023, the Nigerian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Nigeria, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Nigerian eCommerce market. Electronics & Media is the largest market and accounts for 39.3% of the Nigerian eCommerce revenue. It is followed by Fashion with 22.3%, Furniture & Appliances with 15.7%, Food & Personal Care with 12.7%, and Toys, Hobby & DIY with the remaining 10.1%.
eCommerce revenue development in Nigeria
Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source: Statista Market Insights, ecommerceDB
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth (in %) | 6.2 | 30.4 | 68.9 | 89.0 | 24.0 | 68.5 | 85.0 | 58.6 |
AOV (in US$) | 45.1 | 49.4 | 12.3 | 94.8 | 79.5 | 79.2 | 1.4 | 22.5 |
CVR (in %) | 6.2 | 30.4 | 68.9 | 89.0 | 24.0 | 68.5 | 85.0 | 58.6 |
Top stores
Top five online stores in Nigeria by net sales 2021
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$5.6 million, respectively. Altogether, the top three stores account for 52.2% of the top 100 online stores' revenue in Nigeria. Store rankings include every store that generates revenue in Nigeria. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Nigeria was considered.
eCommerce net sales generated in Nigeria in 2021
Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed
Source: Annual report, secondary sources, ecommerceDB analysis
no-access-0 | no-access-1 | no-access-2 | no-access-3 | no-access-4 | |
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Filtered revenue (in mUS$) | 900.0 | 550.0 | 470.0 | 430.0 | 370.0 |
Share of global revenue (in %) | 20.7 | 12.0 | 3.9 | 20.6 | 20.7 |
Global revenue (in mUS$) | 8,300.0 | 4,600.0 | 1,190.0 | 2,122.0 | 1,814.0 |
Growth global revenue (in %) | 8.3 | 12.4 | 33.6 | 18.0 | 12.6 |
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