Business
Firm Hails E-Commerce’s High Performance In Nigeria, Africa
One of Africa’s leading
social marketplace, MOBOfree, has expressed satisfaction with an increase of over 44 per cent in the number of its registered users in Nigeria.
A statement by the company said that the growth in the last 12 months resulted in a 1,042 per cent increase in the number of classifieds published on MOBOfree.com in Nigeria.
The statement added that its significant growth in the period under review resulted in more than 500, 000 active listings on its platform in Nigeria.
It noted that over the same period, the number of its registered users increased by more than 1,555 per cent, resulting in a 5,548 per cent increase in the number of classifieds in Uganda.
“With four million registered users, including 2 million monthly active users in Nigeria and a strong footprint in Uganda and Zimbabwe, MOBOfree is one of the largest and most successful classifieds platforms in Africa,’’ it said
The Tide source reports that Mobofree.com is a leading African social marketplace allowing people to buy, sell and swap products and services with other trusted people.
Reports say that, just like other e-commerce platforms, Mobofree.com integrates social network and classified adverts, making online transactions more personal and safe.
The statement said that Mr Cristobal Alonso, CEO and Co-founder of Mobofree.com attributed the growth of e-commerce in Africa to the improvement in IT and mobile infrastructure in the continent.
“Online trading is growing rapidly across Africa as the IT and mobile infrastructure across the continent continues improving.
“In spite of that, part of our challenge still is convincing people of the value of using the internet to buy, sell or swap items and services,’’ it quoted Alonso as saying.
The statement said that African countries should thread cautiously in borrowing e-commerce ideas into Africa, since what worked in Europe and America might not work in Africa.
“In line with that, we understand that African countries have their own culture, different rates of internet, mobile and Smartphone penetration, so every African market should be approached with an individual strategy.
“Things that work in Europe or the U.S. can be totally unacceptable for African users.
“MOBOfree entered the African markets with a unique concept as it connects social networks and classifieds together in a single platform,’’ the statement said.
It noted that the successes achieved by Mobofree.com were attributable to the company’s understanding of the unique e-commerce space in Africa.
According to the statement, Nigeria’s e-commerce market is developing rapidly, with an estimated growth rate of 25 per cent annually and a potential worth of 10 billion dollars.
It added that about 300,000 online orders were currently being placed on a daily basis on Nigeria’s e-commerce market.
Quoting a recent release by McKenzie and Company, a consulting firm based in the U.S, the statement noted that e-commerce could account for 10 per cent of retail sales in Nigeria by 2025.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters