Nigeria Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in nigeria, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Nigeria’s economy is making a push toward cashless payments as digital payment and electronic banking are being implemented in phases across most states of the federation. At present, many transactions can be conducted electronically using several of the emerging digital financial services platforms.

Cross-Border eCommerce/B2B eCommerce/Online Payment

The successful adoption of electronic payments in Nigeria is encouraging the entrance of payment service providers which see Nigeria as a promising market. Naira-denominated debit cards from many local banks such as Citibank, Zenith, UBA, and Fidelity have been used for years by Nigerian travelers to make payments in countries across the world including the United Kingdom, Germany, South Africa, and the United States. However, due to a lingering forex shortage, banks have stopped allowing international payments of any sort on these debit cards. Customers with dollar-denominated cards continue to have access to international payments. The demand for electronic transactions has attracted payment facilitators from Europe and Asia who are investing in Nigerian electronic infrastructure projects. Online commerce and financial technology in Nigeria is strengthened by fast growing youth population, expanding consumer power, and increased smartphone penetration. Current forex restrictions by the Central Bank of Nigeria have, however, limited the foreign spending capacity of Nigerians.

eCommerce Intellectual Property Rights

In 2015, the Nigerian government signed the Cybercrime Bill into law to prohibit and prevent fraud in e-commerce.  The purpose of the Cybercrimes Act of 2015 extends beyond prohibiting, preventing, and criminalizing online fraud, but also prescribes punishments and sets the institutional framework for enforcement.  The goal is to protect e-business transactions, company copyrights, domain names and other electronic signatures in relation to electronic transactions in Nigeria. However, these challenges still exist as internet fraud is still highly prevalent in Nigeria.

Digital Marketing & Popular E-Commerce Sites

Africa Internet Group owns online retailer Jumia and nine other e-ventures. Jumia is one of Africa’s best-known start-ups. Since its inception in Lagos in 2012, the company now operates in several other African countries selling consumer goods. In April 2019, Jumia listed on the New York Stock Exchange (NYSE). Konga, a competitor to Jumia, was set up in 2012 selling a wide range of products from home appliances to groceries. It merged with Yudala in 2018 but continued to operate under the Konga brand name.

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

Privacy

The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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