Nigeria’s ecommerce market harbours opportunities in excess of N255 billion ($) annually, according to Medessy Enterprises Limited, owner of online retailer, gidimall.com.

In a media statement released to Business Day, the online retailer noted that the emerging ecommerce market is currently growing at an annual rate of 25 percent, owing to an increased mobile penetration, greater adoption of cashless facilities and a change in consumer behaviour.

“Encouraging this trend is the ever-increasing internet penetration due to cheaper data prices occasioned by massive financial investment in the telecommunications industry, massive mobile phone penetration with significant growth in the acquisition of Smartphone’s, and the Central Bank of Nigeria’s push towards a Cash-lite economy,” said Esi Evbakhavbokun, Medessy’s Director of Operations.

Nigeria’s Internet business industry is estimated to be worth $250 million.

With rapid scale up in telecommunication infrastructure and more FDI inflows focused on ecommerce ventures, the retail industry in Africa – Nigeria in particular – has seen tremendous growth.

Africa’s ecommerce growth rate presently stands at 25.8 percent, making it the fastest growing in the world. Its combined spending power is expected to reach an all time high of $1.3 trillion by 2030.