Despite unprecedented growth in the numbers of e-commerce companies throwing their hearts into the ring in the Nigerian market; the Chief Financial Officer of one of the country’s leading online retail stores, Konga.com, Mr. Shola Adekoya, has revealed that the country still has a long way to go in order to be at similar level with the United States and other countries.
Mr. Adekoya was speaking at the Harvard Business School (HBS) Alumni meeting, which was held in Lagos at the weekend. He said the e-commerce sector in the country is still at its early stage of growth.
“E-commerce is still at the very early stage,” he said, adding: “We are far behind a lot of countries. There are still a lot of brick and mortar stores around,” Adekoya said.
The e-commerce sector in Nigeria is projected to worth $13 billion by 2018; with the leading online stores currently achieving about $2 million worth of transactions every week.
Nigeria’s e-commerce sector is one of the fastest growing globally, with more local and foreign players coming on board in the last couple of years. With a population close to 200 million people; the country is one of the biggest destinations for investors.