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

in million US$, in %

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
AOV: Average Order Value CVR: Conversion Rate

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

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, ecommerceDB analysis

no-access-0 no-access-1 no-access-2 no-access-3 no-access-4
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