Jumia CEO says Nigeria’s economic recalibration benefits businesses

By Etop Ekanem

Francis Dufay, Chief Executive Officer of the Jumia Group, recently shared his view that Nigeria is not merely a risk‑laden market but a focal point for reform, growth, and stability.

During a panel on emerging markets at the Sohn Conference in New York, Dufay described the period from 2021 to 2024 as one of the toughest economic cycles for African markets, with Nigeria among the hardest hit. He highlighted sharp currency swings, a decline in consumer purchasing power, and high inflation as key challenges that created a difficult operating environment, especially for sectors reliant on imports, logistics, payments, and retail demand. For a company like Jumia, where pricing stability, inventory planning, and payment predictability are essential, this volatility tested resilience.

According to Dufay, the pressure has spurred structural responses. He argued that Nigeria’s reform trajectory—particularly under President Bola Tinubu—has begun a new macro‑economic cycle. Measures such as exchange‑rate unification, fiscal adjustments, and broader economic restructuring are gradually fostering a more transparent and stable environment for compliant businesses.

He cited Nigeria as a clear case study of reform under strain, noting, “Nigeria was in a tough situation three or four years back.” He added that recent policy shifts are laying the foundations for greater stability. For e‑commerce and digital platforms, this stability translates directly into improved pricing models, better supplier relationships, stronger payment flows, and renewed investor confidence.

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