Awesome article! Nigeria's ecomm CAGR is ~11% while India's is a whopping 22% projected on a per annum basis at least until 2028. However, Nigeria will still be at $75 billion dollars in ecomm spending by 2025. In 2015, their government signed a Cybercrime Bill into law to prohibit and prevent fraud in e-commerce. However, tremendous challenges still exist as internet fraud is still highly prevalent in Nigeria. Still, there is lots of fintech VC funding activity in NG (the 2nd highest in Africa) and Jumia is obv a terrific standout story as far as ecomm potential there. The Federal Government is prioritizing the use of e-commerce to facilitate trade between Nigeria and other African countries in the African Continental Free Trade Agreement initiative and it obv remains to be seen what is the efficacy of such initiative across NG and Africa-at-Large over the coming years. (https://www.cbn.gov.ng/MonetaryPolicy/afcfta.asp).
Awesome article! Nigeria's ecomm CAGR is ~11% while India's is a whopping 22% projected on a per annum basis at least until 2028. However, Nigeria will still be at $75 billion dollars in ecomm spending by 2025. In 2015, their government signed a Cybercrime Bill into law to prohibit and prevent fraud in e-commerce. However, tremendous challenges still exist as internet fraud is still highly prevalent in Nigeria. Still, there is lots of fintech VC funding activity in NG (the 2nd highest in Africa) and Jumia is obv a terrific standout story as far as ecomm potential there. The Federal Government is prioritizing the use of e-commerce to facilitate trade between Nigeria and other African countries in the African Continental Free Trade Agreement initiative and it obv remains to be seen what is the efficacy of such initiative across NG and Africa-at-Large over the coming years. (https://www.cbn.gov.ng/MonetaryPolicy/afcfta.asp).
Great callouts here Michael!