Jeff Bezos, the founder and largest shareholder of Amazon Inc (worth $85bn), enjoyed a brief stint as the world’s richest person, before settling at number 3. His meteoric rise in the league of the rich was because of his dominance of the global e-commerce space.
Likewise, in Nigeria, e-commerce is disrupting the traditional shopping and retail culture. Convenience, increased use of smart phones and greater internet penetration, are the driving forces behind the ongoing retail revolution. The number of Lagos middle-class households (earning $5,000 pa above) is expected to grow by 96% to 6.9 million by 2030, while mobile penetration is projected to jump 19% to 122% by 2021.
This edition of the Unity Bank Digest features a piece on the challenges and opportunities of the African retail sector.
The attached document also contains recent macroeconomic developments such as the proposed FG’s Promissory notes, the MPC’s latest decision and Air France’s desperate drive to regain market share.
Enjoy your read!