Web payment is the leading payment system, with a transaction volume of 11.64 billion in the first half of 2024

Key takeaways:

  • Web payment is the leading payment system in Nigeria, handling over half (52.7%) of transaction volume and 56.6% of transaction value in the first half of 2024.
  • With a Constant Annual Growth Rate of 150.4% (in volume) and 208.9% (in value), Web Pay has been leading the Nigerian Payment System in both transaction volume and value since 2020.
  • Point-of-sale (POS) terminals account for 29% of transaction volume, proving their continued relevance for in-person transactions.
  • Mobile payments contribute 15.8% of transaction volume and 10.9% of transaction value, indicating growing adoption among tech-savvy users.
  • The dominance of web payments reflects Nigeria's ongoing transition to a cashless economy and widespread digital adoption.
  • With 3.49 billion transactions, mobile payments are gaining traction for low-value, high-frequency activities like bills and purchases.

The first half of 2024 highlights the dominance of web payment systems in Nigeria, accounting for 52.7% of all transactions by volume and 56.6% by value. With about 11.64 billion transactions and ₦825.5 trillion in value, web payments lead the payment system landscape, solidifying its role as the go-to choice for seamless and efficient transactions. This shows Nigeria’s growing reliance on digital platforms for economic activity, paving the way for a cashless society.
Point-of-sale (POS) terminals and mobile payments also demonstrate strong adoption, contributing 29% and 15.8% of transaction volume, respectively. However, when analysed by value, NEFT (National Electronic Funds Transfer) ranks second, holding 21.5% of the total transaction value, indicating its preferability for high-value transactions.

Source:

CBN

Period:

2024
HTML code to embed chart
Want a bespoke report?
Reach out
Tags
Related Insights

Apapa Port accounted for 71.6% of Nigeria’s total trade value in Q1 2025 and 86.12% of total exports
  • Apapa Port accounted for 71.6% of Nigeria’s total trade value in Q1 2025 and 82.12% of total exports
  • Apapa Port handled ₦25.79 trillion worth of goods in Q1 2025, representing 71.6% of total trade. It remains the country’s primary trade hub, far surpassing all other ports combined.
  •  Apapa alone facilitated ₦17.74 trillion or 86.1% of Nigeria’s total exports, showing a high dependency on a single location for outbound goods.
  • Tin Can Island is the only meaningful secondary hub With ₦3.44 trillion (9.5%) in total trade, ranking a distant second. It’s the only other port contributing more than ₦1 trillion each to imports and exports.
  • Lekki has limited export impact, despite handling ₦1.70 trillion in imports. Lekki contributed only ₦0.30 trillion (1.5%) in exports, indicating underutilization for outbound trade.
  • Murtala Muhammed International Airport processed just ₦647.91 billion (1.8%) of total trade, reinforcing that Nigeria’s international trade remains heavily maritime-focused.

Nigeria’s foreign trade
  • Total Trade Volume in Q1 2025 stood at ₦36.02 trillion, with exports totalling ₦20.6 trillion and imports at ₦15.4 trillion, resulting in a surplus of ₦5.17 trillion.
  • Crude oil dominates Nigeria’s export trade, accounting for the largest share of export revenue. -
  • Other petroleum oil products are also a major export item, reflecting the significance of both raw and refined oil-based commodities in Nigeria’s trade portfolio. -
  • On the import side, manufactured goods dominate, showing Nigeria’s continued reliance on foreign machinery, technology, and consumer goods.
  • While Nigeria exports mostly raw and oil-based products, it imports refined, processed, or industrial goods, indicating a structural trade gap and limited local industrial capacity. -
  • Agricultural and raw material goods feature on both sides of trade, but their value is significantly less than petroleum-related trade.

Nigeria's foreign trade
  • India is Nigeria’s largest export destination Nigeria exported ₦2.84 trillion worth of goods to India in Q1 2025, driven largely by crude oil.
  • China dominates imports into Nigeria China supplied ₦4.66 trillion worth of goods, far outpacing all other countries. Likely dominated by electronics, machinery, and manufactured goods.
  • The United States appears on both sides. Nigeria exports ₦1.54 trillion to the US and imports ₦1.42 trillion, showing a relatively balanced trade relationship.
  • European countries are major export Partners Netherlands (₦2.30T), France (₦1.44T), and Spain (₦1.44T) are prominent export destinations, indicating strong demand for Nigerian crude oil and other commodities in Europe.
  • UAE barely makes the import list. The UAE closes out the top import list at ₦0.61 trillion, showing relatively lower trade volume compared to others, but still significant enough to be in the top 5.

Cocoa led Nigeria’s agricultural exports by value in Q1 2025, with over ₦1.2B
  • The value of agricultural goods exported in Q1 2025 rose to ₦1.70 trillion, up 64.65% year-on-year and 10.63% quarter-on-quarter, highlighting continued growth in the sector.
  • Standard and superior cocoa beans led the chart, contributing a combined ₦1.23 trillion, with major buyers being The Netherlands (₦344.17B) and Belgium (₦203.17B).
  • Cashew nuts in shell earned ₦157.63B, mostly exported to India (₦87.56B) and Vietnam (₦69.74B), while sesamum seeds brought in ₦128.18B.
  • Soya bean flours and ornamental flowers fetched ₦27B and ₦18B respectively, showing Nigeria's export mix is broadening.

China dominated Nigeria’s generator market in 2024, supplying nearly 70% of imports
  • Nigeria imported $281 million worth of generator sets in 2024.
  • China remained the dominant supplier, accounting for $195 million, or nearly 70% of total imports.
  • Other top suppliers included India ($20.6M), Germany ($15.4M), and South Korea ($16.5M).
  • Compared to 2023, imports from China dipped slightly (from $202M to $195M), and other countries like Germany and India also saw declines.
  • The data captures a wide range of generator types — petrol, diesel, wind-powered, and rotary converters — under HS Code 8502.
  • Mirror data reflects only officially reported trade and excludes informal or undocumented imports.

Air Peace leads Nigeria’s airline fleet with 37 aircraft, more than double any other operator
  • Air Peace operates the largest fleet with 37 aircraft, combining its mainline and subsidiary, Air Peace Hopper.
  • Arik Air and Max Air follow distantly with 14 and 10 aircraft respectively, less than half of Air Peace’s combined fleet.
  • Only 5 airlines operate fleets of 8 or more aircraft, highlighting a significant concentration of operational strength at the top.
  • Over one-third of the listed airlines (7 out of 20) operate with fleets of just 4 aircraft or fewer.

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