September 11, 2014 IBOMLLC Team

Nigeria’s 1.3Bn Online Monthly Transactions Attributed To Middle Class

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Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Nigeria’s 1.3Bn Online Monthly Transactions Attributed To Middle Class

E-commerce in Nigeria records over $2m worth of transactions per week and close to 1.3bn per month from the 38% of Nigerians who prefer to buy products through the internet, according to a survey conducted by the business management and consulting firm Philip consulting. According to the online marketplace Kaymu.com.ng, these figures can be attributed to the purchasing power of the middle class.

Economists define the middle class into relative and absolute terms. In relative terms, this refers to individuals or households that fall between the 20th and 80th percentile of the consumption distribution or between 0.75 and 1.25 times the median per capita income.

According to Evangeline …read more

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