5 New and Emerging Business Trends in Nigeria You Must Be Aware Of

New technological realities are shaping the way business is done in Nigeria, and the way people live across the country. These emerging trends come with lots of opportunities that anyone can tap into to become a business leader. These business trends are becoming ICT-inclusive, and they influence the national economy and people’s private lives in lots of ways. These trends are –

1. E-commerce store

If you have ever heard or bought things from Jumia and Konga in Nigeria, then you know what e-commerce is. Popular and global e-commerce stores include Ebay, Amazon, and Alibaba among others. In Nigeria, many entrepreneurs are setting e-commerce stores where people from within and outside the country can buy items and have it shipped to them.

2. Online loans

Gone were the days when banks would tell you to provide collaterals as conditions for granting measly loans. Today in Nigeria, online loans via apps are taking the country by a storm. Notable among these loan apps are Carbon, Palm Credit, Aella, Branch, and Migo (formerly QuickMoney) among others. Anyone can get desired loans within minutes after downloading the apps, and this is helping businesses and individuals across the country. In fact, banks have begun to offer collateral-free loans online because of the impetus created by operators in the private sector.

3. Increase in local apps for businesses

Many websites and local businesses across Nigeria are taking their craft to another level by creating smartphone apps. Some years ago, any business that did not have a website would be limiting its operational reach; today, any business that does not have downloadable apps would be hurting its own operations. Luckily, any business may own an app without necessarily owning a website. With the increase in the penetration of smartphones, business apps are taking center-stage in how things get done.

4. Seed funding for business growths

Many investors are funding businesses across various verticals in the country today. With venture capital for business establishment and expansions, entrepreneurs can hope to get their ideas up and running in no time. Many new businesses in Nigeria such as e-commerce store Jumia, bike-hailing service Max.ng, and many IT-based businesses received venture capital from global investors to operate profitably. This seed funding trend is helping small businesses and innovative entrepreneurs to develop their ideas and improve the national economy.

5. The rise of mobile payments

There is a phenomenal rise in the rate of mobile payments across Nigeria at the moment. Using banking apps or simple USSD codes, payments can be made for online purchases with ease. It is also super easy for e-commerce stores to access a customer’s banking account to deduct payments at checkout. Using OPay and Paga payment systems, payments can equally be transferred to anyone within minutes and this has made online transactions easier and convenient for all parties.

There are more emerging trends that are ICT-based in Nigeria, and these cover various aspects of people’s lives – from transportation to instant messaging and online payments among others.