E-Business
Can e-commerce be Africa’s Economic Goldmine?
By Adeniyi Ogunfowoke,
The digital economy in Africa is snowballing, and in the process, it’s creating new jobs and opportunities for digital entrepreneurs to explore a larger web market. Though e-commerce represents only 0.6% of all the transactions done in Africa, as compared to 12% in the USA and 20% in China; the budding nature of the industry does rightfully make one muse on the possibility, that e-commerce is indeed Africa’s economic goldmine.
Facilitation of Cross Border eTrade
The global market has shrunk to a large scale and is now enabling billions of people to sell and purchase products across borders. This has been made possible by technological innovations that have birthed online marketplaces that enable e-trade between businesses (B2B), between consumers (C2C) and between businesses and consumers (B2C).
The opportunities presented by e-commerce are numerous. Africa is a massive market with a growing population of 1.28 billion people, a network of over 15 million SMEs and merchants, and a rising internet connection of 453 million users. Jumia, the leading pan-African e-commerce platform has been at the forefront of Africa’s cross border e-trade revolution. The marketplace is enabling about 81,000 active merchants across Africa, which sometimes source products from international markets, to capitalize on a huge €1.4 trillion consumer market opportunity in Africa.
While the milestone has been remarkable, Nicolas Martin, EVP – Marketplace & Logistics for Jumia, noted, at the 2019 UNCTAD’s Africa Ecommerce Week, that “more needed to be done to tailor bespoke regulatory solutions for Africa to attract international investment and create a conducive environment”. Good payment services are critical in curbing online fraud facing sellers. African governments also need to implement friendlier online taxation policies, to avoid locking out potential entrepreneurs and investors from exploring the ecommerce markets.
Besides, while some marketplaces are creating sustainable logistics systems, the consistent success of cross border commerce will require further and deeper cooperation among stakeholders, both in the private and public sectors. “The power of the marketplace is huge, and the coordinated effort of millions will bring about the change we need in Africa,” added Nicolas Martin.
Powering Employment in Africa
The World Bank reports an alarming rate of unemployed youths in Africa, accounting for about 60% of the unemployed workforce. Bearing in mind that the average age in Africa is 20 years, we need to rethink ways in which to power employment in a continent whose population is estimated to grow to 2.5 billion people by 2050.
Some policymakers are already hitting the nail on the head with the unemployment menace. Not long ago, the Boston Consulting Group (BCG) released a mind-joggling report on how online marketplaces could create 3 million new jobs in Africa by 2025. According to the report, these ecommerce platforms, which match buyers and providers of goods and services, could also boost inclusive economic growth with minimal disruption to existing businesses and workforce norms.
For instance, Jumia, one of the case studies in the report, is already creating 5,000 direct jobs across the 14 African countries in which it operates. This is besides indirect jobs created with sellers, logistic partners, commercial agents, and marketing partners. Other positive economic impacts of online marketplaces in Africa include increasing vendors’ income through surging demand for goods and services in locations currently beyond the reach of conventional retail networks. Furthermore, they are bringing more women and youth – who in some countries have been marginalized from the labour market – into the formal workforce.
Customers’ access to product choice
Choice, convenience and affordability are some of the top benefits customers get from e-commerce. From electronics to fashion, cosmetics, FMCGs, travel and accommodation, online food delivery and payment options, customers are looking for variety and ease of access to their preferred products and services from a one-stop-shop. Ecommerce platforms provide customers with a pool of diverse sellers, that they would otherwise have no access to through offline channels. Notably, there exists low retail penetration rate in Africa, with 1 shop for every 67,000 people as compared to 1 shop for every 1,000 people in the USA.
Conclusion
E-commerce potential to boost Africa’s economy is undeniable. Yet, it’s effectiveness will require the development of the right skills across the various pillars of the industry, among them engineering, marketing, logistics and management. There needs to be an existing conducive environment for doing business at the countries’ level and in the continent at large. This will give both domestic and foreign investors more confidence and encourage budding entrepreneurs to test the e-commerce waters in the continent. The ripple effect being, stronger economic growth!
Dr. Olubunmi Tunji-Ojo, minister of Interior, has announced the launch of an Online Visa Approval Center to eliminate bureaucratic bottlenecks and reduce corruption in the visa application process.
Commissioned by the President in December, the new system ensures that applicants no longer need to visit a visa office, know anyone in the system, or lobby for approvals.
At a stakeholders’ sensitisation workshop on the implementation of the Nigeria Visa Policy (NVP) 2025, yesterday in Abuja, Dr. Tunji-Ojo said the visa is considered a very important document by the government because it is an instrument of migration management and an instrument of economic development.
The minister explained that Nigeria has to strike a delicate balance between national security and, of course, the ease of migration.
“And we think that it’s something that we can do and something we will do.
“We don’t have a physical Visa Approval Center. If you apply for a Nigerian visa anywhere in the world, you do so online. We process it here in Nigeria, and if approved, you receive your e-visa in your email,” he explained.
To enhance efficiency, the government has set a 48-hour deadline for processing e-visas.
“It is unprofessional and unacceptable for the Nigeria Immigration Service not to approve or provide feedback within 48 hours,” the minister stated.
“It breaks my heart that people need to lobby to even get visas to Nigeria. It shouldn’t be so. It shouldn’t be.
“For anybody that is qualified, for anybody that wants to do legitimate activities in Nigeria, such people should be able to come to Nigeria easily. And this is why we are opening our space. Mr. President is interested in foreign direct investments.”
Further, he said Nigeria is interested in partnering with the rest of the world to develop its economy but, “We can’t do that when we allow bottlenecks to hold us down. So these reforms, basically, are aimed at opening our space, enhancing national security, and we hope that the primary responsibilities of the visa scheme will be achieved.”
Kemi Nandap, controller general, Nigeria Immigration Service (NIS), said the NIS would fully digitize its e-visa platform and reduce visa classifications from 79 to 44 to enhance accessibility, transparency, and efficiency in the new visa policy.
She said, “At the core of this policy is the new e-visa platform—a fully digitized, centralized system that revolutionizes how foreign nationals interact with our country’s entry procedures. As part of this transformation, the Nigerian Visa Policy 2024 underwent a comprehensive review, resulting in a significant reduction in visa classifications from 79 to 44.
“These categories have been logically grouped to simplify procedures, reduce complexities, and greatly improve the user experience. Importantly, we have maintained the original purpose and intent of each visa class throughout this reform.”
Mr. Takao Shimokawa, director general, Economic Development Department at the Japan International Cooperation Agency (JICA) has visited the National Information Technology Development Agency (NITDA) to discuss the forthcoming launch of the Nigeria-Japan Startup Hub Project.
Mr. Dejo Olawunmi, director of IT Infrastructure Solutions at NITDA and Mr. Takao Shimokawa, director general, Economic Development Department at the Japan International Cooperation Agency (JICA)
This is in a strategic move to strengthen Nigeria’s startup ecosystem.
During his visit, Mr. Shimokawa was received by Mr. Dejo Olawunmi, director of IT Infrastructure Solutions at NITDA.
Their discussions focused on advancing technological innovation, fostering entrepreneurship, and enhancing venture capital development to support early-stage startups in Nigeria.
The Nigeria-Japan Startup Hub Project is designed to provide Nigerian startups with access to Japanese expertise, mentorship, and investment opportunities.
The initiative aims to create a collaborative environment where local entrepreneurs can scale their businesses by leveraging Japan’s advanced technology and business models.
By bridging Nigerian startups with Japanese investors and industry leaders, the project seeks to drive sustainable growth and innovation in Nigeria’s tech industry.
This partnership underscores the increasing economic and technological cooperation between the two nations, positioning Nigeria as a key player in the global startup landscape.
With the hub set to launch soon, stakeholders anticipate that it will provide critical resources for startups, enabling them to compete in the global market and contribute to Nigeria’s digital economy.
Kaspersky has identified and helped patch a sophisticated zero-day vulnerability in Google Chrome (CVE-2025-2783) that allowed attackers to bypass the browser’s sandbox protection system.
The exploit, discovered by Kaspersky’s Global Research and Analysis Team (GReAT), required no user interaction beyond clicking a malicious link and demonstrated exceptional technical complexity. Kaspersky researchers have been acknowledged by Google for discovering and reporting this vulnerability.
In mid-March 2025, Kaspersky detected a wave of infections triggered when users clicked personalised phishing links delivered via email. After clicking, no additional action was needed to compromise their systems.
Once Kaspersky’s analysis confirmed that the exploit leveraged a previously unknown vulnerability in the latest version of Google Chrome, Kaspersky swiftly alerted Google’s security team. A security patch for the vulnerability was released on March 25, 2025.
Kaspersky researchers dubbed the campaign “Operation ForumTroll”, as attackers sent personalised phishing emails inviting recipients to the “Primakov Readings” forum. These lures targeted media outlets, educational institutions, and government organisations in Russia.
The malicious links were extremely short-lived to evade detection, and in most cases ultimately redirected to the legitimate website for “Primakov Readings” once the exploit was taken down.
The zero-day vulnerability in Chrome was only part of a chain that included at least two exploits: a still-unobtained remote code execution (RCE) exploit that apparently launched the attack, while the sandbox escape discovered by Kaspersky constituted the second stage. Analysis of the malware’s functionality suggests the operation was designed primarily for espionage. All evidence points to an Advanced Persistent Threat (APT) group.
“This vulnerability stands out among the dozens of zero-days we’ve discovered over the years,” said Boris Larin, principal security researcher at Kaspersky GReAT. “The exploit bypassed Chrome’s sandbox protection without performing any obviously malicious operations – it’s as if the security boundary simply didn’t exist.
The technical sophistication displayed here indicates development by highly skilled actors with substantial resources. We strongly advise all users to update their Google Chrome and any Chromium-based browser to the latest version to protect against this vulnerability.”
Google has credited Kaspersky for uncovering and reporting the issue, reflecting the company’s ongoing commitment to collaboration with the global cybersecurity community and ensuring user safety.
Kaspersky continues to investigate Operation ForumTroll. Further details, including a technical analysis of the exploits and malicious payload, will be released in a forthcoming report once Google Chrome user security is assured.
Meanwhile, all Kaspersky products detect and protect against this exploit chain and associated malware, ensuring users are shielded from the threat.
This discovery follows Kaspersky GReAT’s previous identification of another Chrome zero-day (CVE-2024-4947), which was exploited last year by the Lazarus APT group in a cryptocurrency theft campaign.
In that case, Kaspersky researchers found a type confusion bug in Google’s V8 JavaScript engine that enabled attackers to bypass security features through a fake cryptogame website.
NNPC Ready to Go to Capital Market for IPO- CFIO
Again, Labour Fumes, Threatens Shutdown of Telcos over Non-Implementation of 15 Percent Tariff Reduction
FG Launches Online Visa Approval Centre
Court Fixes May 8 for Judgment in MultiChoice, FCCPC Dispute over Price Hike
NITDA Partners JICA to Launch Nigeria-Japan Startup Hub
E-Business2 days agoFG Plans to Link Social Register to NIN for Humanitarian Crisis
Broadcasting2 days agoWe’re Confident in the Super Eagles – Karl Toriola
Telecom2 days agoKeystone Bank Seeks to Join Suit in Tussle over 9Mobile Shares Ownership
E-Financial2 days agoFG to Harmonise Fiscal Data Across MDAs
E-Business2 days agoFive WhatsApp Business Features Every Small Business Should Be Using
News2 days agoSenate Probes Federal Character Violations by NDIC, Others
E-Financial2 days agoZumax Files N4.1Bn Suit against CBN over ‘Fraudulent’ Receivership
News1 day agoCourt Throws Out Falana’s Fraud Case against Ekeh, Zinox Boss and Others