The market of second-hand goods in Nigeria has exceeded N12.1 trillion, a new report compiled by OLX, the leading online classifieds site in Nigeria, has shown.
The report was compiled to commemorate the fifth anniversary of the firm in the country and showcase trends within the local secondhand market from last year.
According to the report, the value of the unused or secondhand items posted on the site alone was N12.1 trillion last year, which interestingly, it said is almost twice the market capital for Snapchat. The report also showcased the power of the secondhand market offering in Nigeria, by revealing that over one million items were posted for sale during the same period, which translated to one item being up for grabs every 30 seconds on the OLX platform.
Commenting on the report, its Lola Masha, Country Manager, said: “OLX currently receives over 2.8 million visits a month and we are anticipating a growth in this figure over the upcoming months; this report reflects Nigerians awareness of the second-hand value of their possessions.”
The report takes a closer look at each category revealing some exciting figures about Nigeria’s secondhand market. For example, the monetary value of mobile phones posted on OLX in 2016 is over N6.5 trillion – which is equivalent to four and half of the world’s largest gold bars, whilst the value of the home, furniture & garden category on OLX stood at N44.3 billion which is equivalent to almost half the cost of the Akwa Ibom stadium.
The most expensive mobile phone posted on the site was a Nokia Vertu for N950,000, whilst the most expensive vehicle was a pre-owned 2015 Private Jet Bombardier valued at N5.5 billion that’s the average salary of the top five Nigerian footballers.
“The report not only shows the enormous value of the second hand market but also demonstrates the positive impact online classifieds has on the Nigerian economy. This is a concrete demonstration of the OLX brand essence “Everybody wins” as sellers win when they sell items they no longer need at lower prices, Buyers win when they buy items at great discounts and the Community wins as this trade leads to increased circulation of cash in the local economy,” Masha added.
The OLX Group operates a network of online trading platforms in over 40 countries. It builds market leading classifieds marketplaces that empower millions of people to buy, sell and create prosperity in local communities.
With over 300 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars and houses. Through consumer brands including Avito, dubizzle, letgo, OLX, Stradia and Storia, more than 10 million things are listed on its market-leading apps and platforms every single month.
