May 30, 2024

Nigeria’s e-commerce industry estimated to hit $14.92bn by 2029


•As Edenlife debuts

By Peter Egwuatu

Nigeria’s e-commerce industry has been forecast to grow at a  compound annual growth rate (CAGR) of 11.82% to $14.92bn in 2029.

The industry has been experiencing a boom in recent years, driven by factors like increasing internet penetration, smartphone adoption, and a growing young population.

Edenlife, the food retail business of Nigerian home concierge startup, gave this forecast as it marks a significant step towards national expansion with the launch of its first outlet store in Oniru, Lagos State.

The company noted that “the e-commerce market in Nigeria is estimated to be around $8.53 billion in 2024. It is expected to grow at a compound annual growth rate (CAGR) of 11.82% during the forecast period (2024-2029), reaching approximately $14.92 billion by 2029”.

Commenting, Nadayar Enegesi, CEO of Edenlife, stated: “E-commerce is expected to continue its strong growth trajectory in Nigeria, presenting immense potential for e-commerce platforms like Edenlife to capitalise on the rising demand for convenient and affordable food options.

“This move signals the company’s commitment to bringing its signature homemade meals directly to consumers across the country”.

Speaking at the launch event, Orafiri Adoki, Business Lead of Homemade, stated that some of Nigeria’s food culture has not been fully explored.

She stated, “Nigeria has such a rich culture around food, which has not been explored to its maximum. So, with the launch of the Homemade outlet, we hope to introduce some of the meals Nigerians are used to at home while providing creative and innovative ways to enjoy these meals,” .