Nigeria has been listed among 20 fastest growing economies in the world, according to the latest survey released by New York based financial newswire service, Bloomberg .
In a related version, leading online shopping community, Kaymu.com.ng has attributed Nigeria’s listing to the upshot of e-commerce in the country.
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%).
“Nigeria’s e-commerce space is the fastest growing in Africa contributing a monthly spend of 1.3bn to the Nigerian retail sector. The role the retail sector plays in driving Nigeria’s economy cannot be overemphasized as a country’s purchasing power is a major driver of the economy”, Managing Director of Kaymu, Evangeline Wiles, said in a statement released today.
The explosion of the E-commerce space in the last two years has fuelled a massive consumer behavioral 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.
Minister of Communication Technology, Omobola Johnson has said that E-commerce has attracted over $200 million foreign investment till date thereby expanding infrastructure, warehousing, advertising and logistics services industry.
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