Digital Health Nigeria and Caring Palms LTD collaborated to conduct a survey to evaluate the viability of an online retail pharmacy business in Lagos state.
Nigeria’s e-commerce market is increasing at a fast rate; its estimated growth rate is about 25% annually. In 2014, Dr. Omobola Johnson (Nigeria’s Minister of Communications) said that Nigeria’s e-commerce market had a potential worth of $10 billion with about 300,000 online orders being made on a daily basis. According to a publication by Thisday Newspaper on August 28th, 2017, the Nigerian e-commerce market was worth approximately $13 billion. Experts in the Nigerian financial service sector have also estimated that Nigeria’s e-commerce market value could rise to $50 billion (N15.45trillion) over the next 10 years. According to Mckinsey, e-commerce spending in Nigeria was estimated at $12 billion in 2017, and it is projected to rise to $75 billion in revenues per annum by 2025. This means that there is an increase in the establishment of online stores, including online retail pharmacies, due to the growth of the e-commerce sector over the last few years. Recently, the National Bureau of Statistics (NBS) predicted that the e-commerce sector is expected to contribute about 10 per cent, of a projected N10trillion, to the nation’s Gross Domestic Product (GDP) by 2018. With the increasing penetration of internet in Nigeria and across Africa; this is a huge market and the sales volume is bound to continue progressing in the coming years.
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