Jumia posts third consecutive year of lower losses, down to $60.1m in 2025

Key Takeaways

  • Since its 2019 IPO, Jumia Group has accumulated over $1 billion in total losses, with 2019 marking its highest annual loss at $254.2 million.
  • Losses remained elevated between 2020 and 2022, consistently exceeding $180 million annually despite post-IPO restructuring efforts.
  • From 2023 onwards, annual losses dropped sharply — falling below $105 million for the first time since listing — following the shutdown of underperforming business units across African markets.
  • By 2025, losses declined further to $60.1 million, representing the company’s lowest annual loss in nine years and signalling the sustained impact of its cost-reduction strategy.

After peaking in its IPO year with a $254.2 million loss, Jumia Group struggled to contain red ink through the early post-listing years as expansion costs and operational inefficiencies weighed on performance. However, beginning in 2023, a strategic pullback, including the shutdown of select business lines and market exits across Africa, triggered a steep decline in annual losses from $238.4 million in 2022 to $104.2 million in 2023.

This downward trend continued through 2024 and 2025, with losses narrowing to $97.6 million and $60.1 million, respectively, suggesting the eCommerce firm’s pivot from aggressive growth toward operational discipline is beginning to improve its financial trajectory.

Source:

Jumia Group

Period:

2017 - 2025
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Nigerian cement giants control Africa’s top tier despite Dangote’s revenue dip
  • Dangote Cement remains Africa’s largest cement company, despite a steep 24.3% revenue drop from $3.2 billion to $2.4 billion
  • Revenue declines were widespread, affecting major players including BUA Cement (-11.2%) and Lafarge Africa (-19.8%).
  • The downturn among top Nigerian producers suggests strong pressure in one of Africa’s largest cement markets
  • PPC recorded a relatively mild decline (-1.1%), showing more stable performance
  • Ciments du Maroc (+4.8%) and Bamburi Cement (+14.8%) posted growth, highlighting regional demand resilience.
  • Smaller positive gains from firms like Sinai Cement and Sephaku Holdings suggest selected markets are still expanding
Jigawa state has the highest rate of unregistered businesses, with only 3.9% registered in 2025
  • Jigawa has the highest share of unregistered businesses in Nigeria (96.1%) in 2025.
  • Over half (20) of Nigerian states have more than 50% of businesses operating informally.
  • Informality is not limited to poorer states; Lagos and Rivers both exceed 65%.
  • Southern and northern states alike show high informality, indicating a nationwide challenge.
  • Only a small group (10) of states have informality rates below 30%.
  • Kaduna records the lowest share of unregistered businesses (10.3%)
17 states in Nigeria recorded above 0.50 points in the 2025 State of Entrepreneurship (SoE) Index ranking
  • Only 17 of 37 states and the FCT recorded above-midpoint entrepreneurship scores in 2025.
  • Kogi State leads nationally, outperforming all others on the SoE Index.
  • Strong entrepreneurship performance is not limited to Lagos or major commercial centres.
  • Several northern and middle-belt states rank high.
  • Urban and resource-rich states do not automatically guarantee strong entrepreneurial outcomes.
  • Local governance and operating conditions appear more influential than state size or wealth.
Nigeria's entrepreneurship index has consistently stayed below 0.50 for two consecutive years
  • Nigeria’s entrepreneurship index increased in 2025 for the first time since 2022.
  • The 2025 score (0.47) represents a reversal of a two-year downward trend.
  • The ecosystem remains weaker than in 2022, when the index peaked at 0.58.
  • The sharpest decline occurred between 2022 and 2023.
  • The improvement from 2024 to 2025 is incremental, not transformative.
  • The index suggests stabilisation rather than full recovery in the entrepreneurial environment.
97% of businesses in Kogi are aware of Nigeria's 2025 tax reform, while 99% in Abia are not
  • Kogi entrepreneurs have the highest tax policy awareness in Nigeria (96.8%) in 2025.
  • Abia has the lowest awareness nationwide at just 1.4%.
  • Fewer than one-third of Nigerian states have awareness levels above 60%.
  • Major economic hubs like Lagos and Rivers have awareness below 50%.
  • Northern states dominate the top awareness rankings more than southern states.
  • Several states cluster around the 40–50% range, indicating partial reach.
  • States with low awareness risk lower compliance and higher friction during enforcement.
  • The gap between the highest and lowest states exceeds 95 percentage points, showing extreme disparity.
Over 8 in 10 Nigerian firms experience frequent power outages
  • Power supply remains the biggest challenge affecting Nigerian businesses, affecting 82.5% of firms nationwide.
  • Poor transport infrastructure limits operations for over a quarter of businesses.
  • Internet disruptions affect more than one in five firms, highlighting connectivity gaps.
  • Climate and water issues are emerging risks, with some firms reporting weather damage and supply shortages.
  • The survey covered 1,043 firms across Nigeria and reflects responses from business owners and top managers.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved