Key Insights as of Jun 2025
Macro Demographics
Total population
223,804,632 People
Urbanization rate
52.0 %
Population growth rate
2.4 %
Median age
18.6 Years
Household size
5.1 People
Education attainment
60.1 %
National Economic Indicators
GDP
477,380,000,000 USD
GDP per capita
2,133 USD
Inflation rate
24.5 %
Unemployment rate
5.0 %
Cost of living index
43.2 Index
Income inequality (Gini)
35.1 Index
Consumer Economy & Spending
Retail sales volume
12,000,000,000 USD
Retail sales per capita
53.6 USD
Disposable income per capita
1,200 USD
Spending by category - apparel
15.0 %
Spending by category - groceries
60.0 %
Spending by category - electronics
10.0 %
Retail Market Structure
Number of retail outlets
1,200,000 Units
Major national retail chains
Shoprite, SPAR, Addide
Retail market fragmentation
90.0 %
Presence of global brands
H&M, Zara, Apple
Dominant retail formats
Informal markets, supermarkets
Real Estate & Business Climate
Average commercial rent
15 USD/sq.m/month
Property transaction volume
3,410,000,000,000 USD
Ease of doing business index
131 Rank
Business permit process time
30 Days
Zoning constraints
Moderate
Logistics & Accessibility
E-commerce delivery infrastructure
Developing
Road density
0.2 km/sq.km
Public transport penetration
40.0 %
Commute patterns
60.0 Minutes
Vehicle ownership per capita
0.05 Vehicles
Digital & Retail Tech Trends
E-commerce share of retail
1.8 %
Click-and-collect adoption
5.0 %
Internet penetration
40.0 %
Mobile commerce usage
70.0 %
Retail tech startups
Jumia, Konga
Safety & Legal
Consumer protection score
60.0 Index
Business compliance risk
High
Tourism & International Retail
Annual tourist arrivals
2,000,000 People
Tourist retail spending
500,000,000 USD
Airport traffic
7,000,000 Passengers
Duty-free sales trends
Growing
Retail Growth Forecasts & Trends
Projected retail market growth rate
8.88 %
Urban expansion zones
Lagos, Abuja, Port Harcourt
Emerging retail hubs
Ibadan, Kano
Major upcoming national mall or retail projects
Eko Atlantic City