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An expert in the e-commerce industry, Akintunde Opawole, has emphasized the necessity for Nigeria to have more e-commerce platforms to advance the government’s digital economy agenda and enhance competition in the e-commerce sector.
Opawole, who co-founded My Shop Launcher (MSL), a digital platform for small businesses, shared this insight in a discussion with Nairametrics. He pointed out that during the last Black Friday sales event, it became evident that many Nigerians desired to make online purchases, but the existing platforms struggled to meet the high demand.
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While acknowledging the market‘s significant potential for more players, Opawole specifically highlighted the importance of having more local participants. He noted that the current dominance in Nigeria’s e-commerce space is held by international players and stressed the need for local platforms that understand and address local needs.
Opawole also suggested that the government should empower Small and Medium Enterprises (SMEs) in Nigeria with digital skills to enable them to transition their products and services online.
He mentioned that many SMEs lack basic digital skills, and a targeted program to equip them would be beneficial. In this context, MSL recently introduced a no-code e-commerce storefront free of charge, demonstrating a genuine commitment to supporting SMEs.
Founded two years ago, Opawole explained that MSL’s establishment stemmed from recognizing the challenges faced by African merchants managing their businesses manually.
In terms of market trends, a report by Mordor Intelligence estimates Nigeria’s E-commerce Market size at $8.53 billion in 2024, projected to reach $14.92 billion by 2029, with a compound annual growth rate (CAGR) of 11.82% during the forecast period.
The growth is attributed to increasing internet penetration, rising smartphone usage, and a growing middle class with disposable income. Mobile devices play a crucial role in Nigeria’s e-commerce landscape, with platforms optimizing for mobile users due to widespread smartphone adoption and online shopping trends.
