In the past decade, Nigeria has exported ₦123 trillion worth of crude oil

Between 2013 and 2022, Nigeria exported crude oil worth ₦123 trillion, with yearly figures ranging from ₦6.8 trillion to ₦21.1 trillion, and the highest (₦21.1 trillion) recorded in 2022. This chart shows the annual values.

Source:

National Bureau of Statistics

Period:

2013 - 2022
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Jumia’s GMV fell 37.6% between 2019 and 2024, reaching its lowest level in six years
  • Jumia's highest sales are typically recorded in the fourth quarter of the year due to Jumia Black Friday, except in 2022.
  • Black Friday sales generally run through November.
  • GMV represents the total value of orders for products and services, including shipping fees and VAT, before discounts and irrespective of cancellations or returns.
  • GMV tracks platform usage and is not influenced by whether sales are first-party or third-party, or by the payment method used.
  • The lowest GMV in six years was recorded in 2024 at $720 million.
  • A major factor behind the GMV decline is foreign exchange depreciation, as 8 out of 10 local currencies in Jumia’s markets lost value against the US dollar, especially in Nigeria.
JumiaPay adoption rose from 13.8% in 2018 to 44.4% in 2024, but remains under 50%
  • Jumia launched JumiaPay in 2016 as a third-party payment solution.
  • Jumia partnered with Mastercard in 2016, and in 2019, Mastercard invested €50 million.
  • In June 2024, Jumia ended its commercial deal with Mastercard Asia/Pacific but still accepts Mastercard as payment method.
  • JumiaPay is available in nine countries, including Nigeria, Ghana, Kenya, and Egypt.
  • The JumiaPay app offers bill payments, airtime recharge, transport ticketing, and financial services.
  • JumiaPay’s digital and financial services category is its fastest-growing by GMV.
  • JumiaPay’s highest transaction share was 44.4% in 2024.
 
Jumia’s customers fell 35.7% from its 2022 peak to 5.4M in 2024, while orders dropped 33.2% from their 2021 high
  • Jumia's highest active customers was recorded in the year 2022 with a total of 8.4 million users.
  • Jumia's highest number of orders was recorded in 2021 with a total of 39.4 million orders.
  • Jumia's lowest order record was in 2023, with numbers as low as 23.2 million, its lowest in seven years.
  • Jumia's fastest growing categories in terms of items sold are the food delivery and the FMCG, supported by the momentum of the grocery sub-category.
  • Fashion is the largest category of which orders are made in terms of items sold.
  • Jumia's largest markets are in Nigeria and Egypt.
South Africa leads as Africa’s digitally delivered services exports hit $41.3 billion in 2024, less than 1 percent of the world total
  • Africa exported $41.3 billion in digital services in 2024, less than 1 percent of the world total.
  • South Africa was the continent’s top exporter with $7.05 billion.
  • Morocco ($6.74 billion) and Ghana ($5.18 billion) followed closely.
  • Egypt ($4.03 billion) and Mauritius ($3.53 billion) also ranked among the top five.
  • The top five countries together made up about two-thirds of Africa’s exports.
For every $1 Nigeria earned from exporting digital services between 2005 and 2024, it spent almost $10 on imports
  • Nigeria exported $10.81 billion in digital services between 2005 and 2024.
  • Imports during the same period reached $105.34 billion.
  • The result was a trade deficit of $94.53 billion over 20 years.
  • Exports rose from just $40 million in 2005 to $1.55 billion in 2024.
  • Imports were almost ten times larger than exports, showing a persistent imbalance.
Financial services dominated Nigeria’s $1.5bn digital services exports in 2024
  • Financial services dominate Nigeria’s digitally delivered exports, contributing $1.15bn (over 74%).
  • Telecommunications ($184m) and insurance & pension services ($147m) follow, though far smaller.
  • Computer, information, and IP services registered almost no exports, highlighting untapped digital potential.
  • Nigeria’s digital exports remain highly concentrated in finance, leaving other sub-sectors underdeveloped.
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