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The Economy & You

The Economy and You ( Olajide Adamolekun)

Thu 27th Jul 2017

With a huge consumer market, growing economy and increasingly urbanized population base, Nigeria represents one of the biggest opportunities for the retail sector in Africa. However lingering concerns over select risk factors, including tariffs imposed on the industry, may affect investment in the near to medium term. Currently, more than 80m of Nigeria’s 182m citizens live in or close to urban areas, a figure that is set to rise in coming years as the economy moves away from its traditional rural base. This shift to the cities, and the rise of a broader middle class, represents a vast pool of customers for retailers. According to a report released by research firm McKinsey Global Institute, Nigeria’s consumption could rise to $1.4trn a year by 2030, from its present level of $388bn a year, an average annual increase of 8%. The retail sector has gone beyond just over the counter to online sales with the emergence of platforms such as Konga.com. With over 5 years presence in Nigeria, online retail business is growing with all fervor. However, despite the convenience of online shopping, a better percentage of Nigerians would continue to find it difficult to shop online except online retail stores in Nigeria get it right. Join us this Sunday on Rhythm 93.7Fm or log on to edcradioonline.com at 6.15pm for The Economy and You as our guest Mr. Olajide Adamolekun, Director, Commercial Operations, Konga.com discusses the successes and challenges of the Retail Sector in Nigeria. Date: Sunday 23rd July, 2017


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