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Leading Trends Impacting the Nigerian e-Commerce Industry This 2023

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Nigerian e-commerce industry Yuliy Shenfeld

Digital commerce is becoming the fastest-growing commerce in the Nigerian market, as immense growth has been recorded in this sector in recent years. This growth is driven by the increasing adoption of technology and the rise of online payment platforms in Nigeria.

According to statista.com, the e-commerce sector of the Nigerian economy is expected to peak at $9.02bn in 2023 with an annual growth rate of 11.74 per cent, resulting in a projected market volume of $14.06bn by 2027.

Although the Nigerian e-commerce industry faces several challenges, including poor infrastructure, payment infrastructure, a general lack of trust in online transactions, and non-reliable logistics and delivery networks, these challenges have in no way hindered the growth experienced in the industry.

In a recent chat with Yuliy Shenfeld, Director of African Operations Jiji Africa, while discussing the significance of this Industry in the growth of the Nigerian market, he said

“E-commerce has the potential to play a significant role in the development of the Nigerian market by offering increased accessibility for Business owners and Job creation in areas such as software development, marketing, logistics, and customer service. It is a major growth driver that would improve the competitiveness of the Nigerian market on the global stage.”

The following trends are expected to shape the Nigerian e-commerce sector this 2023:

Increased Adoption of Mobile Technology:

More Nigerians are using their devices to make online purchases with the rise of smartphones and other mobile devices. According to the National Communication Commission (NCC), 89% of internet users make purchases online, with another 24% planning to do so in the near future.

Growing Interest in Online Payments:

Trust in online payment platforms is growing in Nigeria, making it easier for consumers to make purchases online. This trend has continued this 2023, as more consumers are becoming comfortable with digital transactions and online payment options.

Emergence of Social Media Commerce:

Weetracker.com reports that the global social commerce market is set to reach a whopping $604.5 billion by 2027, with social media attracting high engagement levels from a wide audience. Hence, Social media platforms will continue to provide a convenient way for consumers to discover and purchase products.

Focus on Customer Experience:

E-commerce companies are placing greater emphasis on providing seamless and personalised customer experience, from browsing to delivery and beyond. This 2023, e-commerce companies have continued this trend as they strive to differentiate themselves from their competitors and build customer loyalty.

Peer-to-Peer Commerce:

This is fast becoming a thing in the Nigerian e-commerce space, where buyers are able to easily connect directly with sellers to transact. A typical example is the Jiji platform, where people are able to convert unwanted or used items to cash by selling them directly to buyers. One huge benefit of this is that customers are able to easily raise funds to finance their projects, businesses, education, or even japa expenses.

The Nigerian e-commerce industry is poised for continued growth this year, even as these trends continue to shape the industry and play an increasingly important role in the growth of the Nigerian market. We would be excited to crunch the numbers when these play out.

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Tinubu Not Missing in Action, Absence Remains Temporary—Presidency

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Tinubu address nation

By Modupe Gbadeyanka

The presidency has informed that Nigerians that the absence of President Bola Tinubu remains temporary and was not missing in action.

In a statement on Thursday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, it was disclosed Mr Tinubu should return to the country next week.

Some days ago, President Tinubu left the shores of the country for a “working visit” to France but later left the European nation for the United Kingdom at the weekend.

In the statement today, Mr Onanuga said his boss “remains fully engaged in Nigeria’s governance even though he is away in Europe.”

According to him, “His absence remains temporary and in line with the communicated timeframe of approximately two weeks.”

The spokesman said Mr Tinubu “has maintained constant communication with key government officials, overseeing critical national matters, including directives to security chiefs to address emerging threats in some parts of the country.”

“His return to Abuja and the resumption of duties at Aso Villa will follow the conclusion of the Easter holiday,” he declared.

“The President’s commitment to his duties remains unwavering, and his administration continues to function effectively under his leadership.

“We appreciate the public’s concern and assure all Nigerians that governance proceeds without interruption,” the statement noted.

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Dangote’s N16bn Food Programme Triggers Excitement in FCT, Kogi

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Dangote food FCT Abuja Kogi

By Modupe Gbadeyanka

Residents of the Federal Capital Territory (FCT) Abuja and Kogi State could not hide their joy recently over the distribution of some food items to them by the Aliko Dangote Foundation (ADF).

The N16 billion Annual National Food Intervention programme was launched last month by the organisation to support the poor and the vulnerable persons across Nigeria.

At the flag off on Tuesday in Abuja, the Senior Special Adviser to the President of Dangote Group, Ms Fatima Wali Abdurrahman, said 10,000 bags of 10kg rice were donated to the FCT for distribution to the beneficiaries.

According to her, the initiative is to support governments at all levels to cushion the effects of economic challenges in the country, noting that it started in 2024 when the company donated food worth N15 billion to all the 774 Local Government Areas in the country.

She described her boss, Mr Aliko Dangote, as someone who is passionate about giving back to society, especially the needy.

Also speaking at the event, the Minister of the FCT, Mr Nyesom Wike, who was represented by Ango Abdullahi Suleiman, said the government appreciates Mr Dangote’s gesture, saying the businessman has contributed enormously to the economic development of Nigeria, while promising to ensure that the food items reach the poor.

In Kogi State, the Commissioner for Humanitarian Affairs and Poverty Alleviation, Mrs Rabietu Okute, said 40,000 bags of 10kg rice have been received from the ADF and distributed to the poor and vulnerable persons in the state.

On the distribution process, she explained that it followed Governor Ahmed Usman Ododo’s directive, with a committee set up to ensure the food items reach vulnerable residents across the state.

Mrs Okute stated that the distribution was flagged off in the state on March 26, 2025.

“We shared the 40,000 bags of rice through the 21 Local Government Areas. The LGAs also shared the product to the 239 wards.

“Before this, a committee of 12 persons per Local Government was set up, and the state government moblized the committees. The products were distributed to vulnerable groups like the union of disabilities and the 23 orphanages in the state,” she said.

In his remarks, the General Manager for Community Affairs and Special Duties at Dangote Cement Plc, Mr Ademola Adeyemi, who supervised the distribution on behalf of ADF, said the food donation to Kogi would further boost the relationship between the company and the state.

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Afreximbank Disburses $50bn to Nigeria in 19 Years

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Afreximbank

By Adedapo Adesanya

The Africa Export-Import Bank (Afreximbank) disbursed $50 billion for the execution of various projects in Nigeria in the last 19 years, the President of the Cairo-based lender, Mr Benedict Oramah, disclosed at the commissioning of the Afreximbank Africa Trade Centre (AATC) in Abuja.

At the event, he also reaffirmed the bank’s vision to dismantle trade barriers and promote African market integration.

“Over the last decade alone, total disbursements into Nigeria amounted to about 50 billion US dollars, spreading across vital sectors of energy, infrastructure, manufacturing, healthcare, transport and financial services.

“Our support to the Nigerian financial services industry, amounting to 19 billion US dollars in the last decade, has helped to deepen and expand the sector and elevated their impact on the local economy,” he stated.

The Afreximbank president, who hinted at the establishment of other AATCs in Harare, Kampala, Cairo, and Yaoundé, described the relationship between the bank and Nigeria as mutually beneficial.

“Over the last three decades, successive governments have accorded unflinching support to Afreximbank, responding most positively to capital calls, creating a congenial environment for its smooth operations while providing the Bank significant domestic policy support that helped to execute many of the development programmes in Nigeria.”

Mr Oramah pledged to expand the influence of the Africa Export-Import Bank across the Atlantic, with AATCs in the Caribbean, adding: “We must reshape our future.”

“We mark the standing up of an edifice that defiantly roars: that we must reshape our future; that we can no longer be hostages to a colonial legacy deeply rooted on ‘divide-and-conquer’ — a legacy that makes Africans regard their colonisers as masters and brothers and sisters, as enemies, and even aliens,” he said of the commissioning of the Abuja AATC.

The launch of the Abuja centre underscores Nigeria’s commitment to economic growth and development, positioning the country as a leader in shaping Africa’s economic future.
Representing President Bola Ahmed Tinubu at the launch, the Secretary to the Government of the Federation, Mr George Akume, underscored the centre’s role in driving economic diversification, job creation, and access to finance, particularly for SMEs and women-led businesses.
He emphasised the importance of the initiative in advancing Nigeria’s economic agenda, adding that as the African Trade Centre begins operations, Nigerians and Africans alike can look forward to a brighter economic future, driven by increased trade, investment, and regional collaboration.
The initiative is poised to play a pivotal role in driving economic diversification, job creation, and sustainable development, cementing Nigeria’s position as a leader in Africa’s economic landscape.
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