The main factor for Nigeria’s fast-growing economic sector is its growing population of above 200 million. Nigeria’s large population is estimated to be over 2% of the world’s population. Over 50% of Nigeria’s population live in urban areas, out of which tens of millions are active internet users.
Nigeria’s youth population is among the most creative and resilient in Africa, coming up with the best ideas that stand out. Nigeria’s most popular e-commerce platforms, Jumia & Konga, are boosting Africa’s innovation & infrastructure. They obtain sizeable investments from foreign companies to expand their services and improve customer experience.
Nigeria has a large market, creative & resilient minds, foreign investment, and data centers that help boost the e-commerce industry. US ambassador to Nigeria, Mary Beth Leonard, stated that tech startups in Africa have raised above $2.9 billion. Out of this total, $1.7 billion (60%) has been contributed by Nigerian startups. Reports reveal that the funding received from foreign investors interested in the e-commerce industry in Nigeria is $200 million.