REPORT: Nigeria among 20 fastest growing economies

According to latest survey released by New York based financial newswire service, Bloomberg, Africa's largest economy Nigeria has been ranked among 20 fastest growing economies in the world. Leading online shopping community Kaymu.com.ng has attributed Nigeria's listing to the upshot of e-commerce in the country.

In an accompanying chart by Bloomberg, Nigeria with an expected growth rate of 4.9% was ranked sixth behind China (7%), the Philippines (6.3%), Kenya (6%), India (5.5%) and Indonesia (5.4%).

The explosion of the E-commerce space in the last two years has fuelled a massive consumer behavioural change. 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.

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