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By Merit Ibe
Nigeria is increasingly positioning itself as a hub of reform, growth and stability rather than a market defined by risk and uncertainty, according to Chief Executive Officer of Jumia Group, Francis Dufay.
Speaking during a panel session on emerging markets at the Sohn Conference in New York recently, Dufay said Nigeria is no longer at the margins of global investment conversations but is becoming a leading example of economic reform and resilience.
He noted that the period between 2021 and 2024 was among the most challenging economic cycles for African economies, with Nigeria facing significant pressures from currency volatility, high inflation, weakened consumer purchasing power and supply chain disruptions.
According to him, these challenges created a difficult operating environment for businesses, particularly those dependent on imports, logistics, payments and retail demand. For Jumia, where pricing stability, inventory management and payment predictability are critical, the economic turbulence tested operational resilience.
Despite these difficulties, Dufay said the challenges prompted structural adjustments and strengthened the case for reform. He pointed to policy measures introduced under President Bola Ahmed Tinubu, including exchange-rate unification, fiscal reforms and broader economic restructuring, as steps that are gradually creating a more transparent and stable business environment.
“Nigeria was in a tough situation three or four years back,” Dufay said, adding that recent reforms are laying the foundation for long-term macroeconomic stability.
He explained that for digital platforms and e-commerce operators, a more stable economy translates into improved pricing structures, stronger supplier relationships, smoother payment systems and renewed investor confidence.
Dufay also highlighted changes within Nigeria’s industrial sector, citing the operational impact of the Dangote refinery as a significant development. He said the refinery reflects broader efforts to strengthen local production capacity, reduce dependence on imported fuel and enhance the country’s economic resilience.
Beyond policy and infrastructure, Dufay expressed optimism about Nigeria’s demographic advantage. He noted that the country remains one of the world’s fastest-growing and youngest populations, creating significant long-term opportunities for digital commerce, payments, logistics and other technology-driven services.
As digital economy players expand beyond major urban centres such as Lagos and Abuja into secondary cities and underserved markets, Dufay said Nigeria’s strong fundamentals continue to support long-term growth prospects despite ongoing inflationary pressures and constraints on household spending.
He maintained that Nigeria, Jumia’s largest and most strategic market, is expected to play a central role in the company’s next phase of expansion. According to him, as reforms gain traction and macroeconomic conditions improve, clearer opportunities are emerging for scale, sustainability and long-term digital growth.
