The ongoing economic reforms in Nigeria are laying the groundwork for sustainable investment and long-term business growth, according to the Chief Executive Officer of Jumia Group, Francis Dufay.
Speaking at the Sohn Conference in New York, Dufay said Nigeria is gradually emerging as a more stable and attractive investment destination as key policy reforms begin to reshape the country’s economic landscape.
He noted that while the period between 2021 and 2024 was particularly challenging for businesses operating in Nigeria and other African markets, recent reforms are helping to restore confidence among investors and corporate operators.
According to him, sharp currency fluctuations, rising inflation and declining consumer purchasing power created significant pressures for businesses, especially those reliant on imports, logistics, payments and consumer demand.
“For companies like Jumia, this volatility tested resilience in areas such as pricing stability, inventory management and payment predictability,” Dufay said.
However, he argued that Nigeria has entered a new macroeconomic cycle driven by reforms aimed at improving transparency, efficiency and long-term economic stability.
He identified exchange rate unification, fiscal reforms and broader economic restructuring measures introduced under President Bola Tinubu’s administration as critical steps toward creating a more predictable business environment.
Dufay described Nigeria as a leading example of a country navigating difficult but necessary reforms, noting that recent policy adjustments are beginning to deliver greater stability for businesses and investors.
“Recent policy changes are paving the way for increased stability, which is crucial for e-commerce and digital platforms,” he said.
According to him, improved stability supports better pricing strategies, stronger supplier relationships, healthier cash flows and renewed investor confidence, all of which are essential ingredients for sustainable investment.
Beyond monetary reforms, Dufay highlighted structural improvements in the industrial sector, particularly developments in the energy industry.
He pointed to the operational impact of the Dangote Refinery as evidence of broader efforts to strengthen Nigeria’s business environment and reduce dependence on imported fuel.
The refinery, he said, represents an important step toward improving national self-sufficiency and enhancing macroeconomic resilience.
Dufay also emphasized Nigeria’s strong demographic fundamentals, describing the country as one of the world’s fastest-growing and youngest populations.
He noted that Nigeria recorded more births last year than the entire continent of Europe, creating significant long-term opportunities for businesses operating in commerce, payments, logistics and digital services.
“This trend presents digital platforms with unprecedented opportunities, translating into millions of future users across multiple sectors,” he said.
The Jumia CEO further observed that Nigeria’s digital economy is expanding beyond major cities such as Lagos and Abuja into tier-two cities and peri-urban communities, reflecting strong underlying economic potential.
While acknowledging that inflationary pressures and weak household spending remain challenges, Dufay said the narrative around Nigeria is shifting from one focused on survival to one centered on stabilization and future growth.
He expressed optimism that Nigeria, Jumia’s largest market, will remain central to the company’s next phase of expansion as reforms deepen and economic conditions continue to improve.
According to him, stronger macroeconomic stability will create clearer pathways for scalability, sustainability and long-term digital growth, reinforcing Nigeria’s position as a key destination for sustainable investment.
