According to Netplus Advisory, internet-based businesses have attracted $200 million in private capital over the last three years in Nigeria. This was stated when the company hosted the Connect Commerce Conference in Lagos on Tuesday.
Speaking to CNBC Africa on the expanding scope of online businesses in Nigeria, Wole Faroun, CEO of Webmall said it is the beginning of a revolution in the Nigerian business world which focuses on a trade expansion across the world.
“Businesses are setting up online portals to enable merchants to reach local customers. The technology evolution will focus more on solving the issue of payments, store management, inventory, logistics management and exposure of local merchants to the international communities,” Faroun said.
Sunkanmi Olowo, Head of SME Banking at Ecobank, who was also present at the event said, “The young generation has grown to be technology savvy and they are always online. Banks are now pushing for more online presence to get them closer to their customer base.”
On disruptions in the market, Olowo told CNBC Africa that online businesses have impacted the traditional businesses in Nigeria as many local businesses have moved online and one can place orders for food and products needed online.
