e-Commerce Market Analytics

The eCommerce market in Nigeria

Nigeria is the 33rd largest market for eCommerce with a revenue of US$6.9 billion in 2021, placing it ahead of Denmark and behind Colombia.

With an increase of 30%, the Nigerian eCommerce market contributed to the worldwide growth rate of 15% in 2021. Just like in Nigeria, global eCommerce sales are expected to increase over the next years. As new markets are emerging, global growth will continue over the next years. This development will be propelled by East and Southeast Asia with their growing middle class and their lagging offline infrastructure.

With a yearly growth rate of 12% between 2021 and 2025, Nigeria is even expected to outperform the global average of 6%.

The eCommerce market in Nigeria

Top online stores

The biggest player in the Nigerian eCommerce market is jumia.com.ng. The store had a revenue of US$22 million in 2021. jumia.com.ng is followed by slot.ng and ajebomarket.com as the second- and third largest stores with US$7 million and US$6 million, respectively. Altogether, the top three stores account for 1% of online 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.

One of the fastest-growing stores in the Nigerian market is zikelcosmetics.com. The store achieved online net sales of about US$0.5 million in 2021. Its revenue growth amounted to 347% in the previous year.

Growth champions:
Editorial tips:

Top online eCommerce stores in Nigeria by eCommerce net sales 2021 in million US$

# Store
1. jumia.com.ng
US$21.5m
2. slot.ng
US$7.4m
3. ajebomarket.com
US$5.6m
4. chrisvicmall.com
US$3.8m
5. obeezi.com
US$3.4m

The eCommerce market in Nigeria

Market size and growth rate

Revenue in 2021
US$7,601.5m
REVENUE
CAGR 2021-2025
11.9%
CAGR
Digital Market Outlook by Statista

The Digital Market Outlook presents up-to-date figures on markets of the digital economy. The comparable key figures are based on extensive analyses of relevant indicators from the areas of society, economy, and technology.

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The eCommerce market in Nigeria is expected to increase over the next few years, as indicated by the Statista Digital Market Outlook. It has been predicted that the compound annual growth rate for the next four years (CAGR 21-25) will be 12%. Compared to the year-over-year growth of 30% between 2020 and 2021, this decrease in yearly growth suggests a moderately flooded market. However, an indicator of growth potential is the online penetration of 26% in Nigeria; in other words, 26% of the Nigerian population have bought at least one product online in 2021.

Five categories are considered by ecommerceDB. Fashion is the largest segment in Nigeria and accounts for 35% of the eCommerce revenue in Nigeria. It is followed by Electronics & Media with 28%, Furniture & Appliances with 17%, Food & Personal Care with 11%, and Toys, Hobby & DIY with the remaining 9%.