Nigeria among 20 fastest growing economies
In an accompanying chart by Bloomberg, Nigeria with an expected growth rate of 4.9% was ranked sixth behind China (7%), the Philippines (6.3%), Kenya (6%), India (5.5%) and Indonesia (5.4%).
The explosion of the E-commerce space in the last two years has fuelled a massive consumer behavioural change. E-commerce in Nigeria records over $2m worth of transactions per week and close to 1.3bn per month from the 38% of Nigerians who prefer to buy products through the internet, according to a survey conducted by the business management and consulting firm Philip Consulting.
The Minister of Communication Technology, Omobola Johnson has said that E-commerce has attracted over $200m foreign investment till date thereby expanding infrastructure, warehousing, advertising and logistics services industry.
Explaining how e-commerce application has impacted the nation's economy which is projected to have a market potential of over $10bn, the Minister added that in the last two years (2012), it was worth $35m, and now (2014) it is valued at about $550m and has moved from 1000 daily orders to about 15,000, adding that the sector has in the last two years created 15,000 jobs.
If there is anything to look forward to in Nigeria this year, it is the rapid growth of the economy. CNN Money in 2014 stated that Nigeria's economy grew by 7.1% and is expected to grow by another 7% in 2015.
