Nigeria’s economic recalibration good for business — Jumia CEO
Nigeria Positioned for Economic Growth, Jumia CEO Says
By Etop Ekanem
NEW YORK — Francis Dufay, CEO of Jumia Group, emphasized Nigeria’s potential for reform and economic stability during a panel discussion on emerging markets at the Sohn Conference. He argued that rather than being a risky landscape, Nigeria stands at the forefront of efforts to enhance its economic environment.
Dufay characterized the years from 2021 to 2024 as particularly challenging for African markets, with Nigeria facing significant hardships. He noted that fluctuations in the currency, declining consumer purchasing power, and rising inflation have created a difficult climate, especially for sectors reliant on imports, logistics, and retail.
“The volatility tested resilience for businesses like Jumia, where stability in pricing, inventory planning, and payment predictability are essential,” Dufay said, indicating that these pressures have spurred necessary structural reforms.
He highlighted the transformative measures initiated under President Bola Tinubu, which include exchange rate unification, fiscal adjustments, and broader economic restructuring. Dufay believes these steps are fostering a more transparent and stable environment for businesses adhering to compliance standards.
“Nigeria was in a tough situation three or four years back,” Dufay noted. He added that recent policy changes are setting the groundwork for improved conditions. For e-commerce and digital platforms, this stability is expected to yield benefits such as enhanced pricing models, better supplier relationships, and increased investor confidence.
The discussion underscores Nigeria’s evolving economic landscape amidst ongoing reforms aimed at catalyzing growth and stability.
