Nigeria’s Economic Recalibration Is Good For Business – Dufay, CEO, Jumia Group

Nigeria’s economy has often been framed in global investment circles through the lens of volatility, currency instability, inflationary pressure, supply chain disruptions, and uncertainty around reform implementation. But at the Sohn Conference in New York, Francis Dufay, Chief Executive Officer of Jumia Group, offered a perspective that placed Nigeria not at the margins of risk, but at the centre of reform, growth and stability.

Speaking during a panel on emerging markets, Dufay described the period between 2021 and 2024 as one of the most difficult economic cycles in recent memory for African markets, with Nigeria among the hardest hit. Sharp currency swings, weakened consumer purchasing power, and inflation created a challenging operating environment, particularly for sectors tied to imports, logistics, payments, and retail demand. For businesses like Jumia, where pricing stability, inventory planning, and payment predictability are critical, the volatility tested resilience.

Yet, according to Dufay, the pressure forced structural responses. He argued that Nigeria’s reform trajectory, particularly under President Bola Ahmed Tinubu, has marked the beginning of a new macro-cycle. Measures around exchange rate unification, fiscal adjustments, and broader economic restructuring, he suggested, are gradually creating a more transparent and stable operating environment for compliant businesses.

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

Beyond monetary policy, Dufay highlighted structural shifts within Nigeria’s industrial base. He referenced developments in the energy sector, including the operational impact of the Dangote refinery, describing it as part of a broader repositioning of the country’s business climate.

For Nigeria, which has long depended on fuel imports, this infrastructure signals deeper ambitions for national self-sufficiency and macroeconomic resilience.

But perhaps most significantly, Dufay anchored his optimism in demographics. Nigeria remains one of the fastest-growing and youngest populations in the world. He observed that more babies were born in Nigeria last year than across all of Europe, a statistic that underscores the scale of the country’s long-term consumer expansion. For digital platforms, that translates into millions of future users across commerce, payments, logistics, and everyday services.

At a time when Nigeria’s digital economy players are expanding beyond Lagos and Abuja into tier-two cities and peri-urban markets, Dufay’s remarks reflect a growing belief that the country’s structural fundamentals, despite short-term pressures, remain compelling. Inflation and household spending constraints persist, but the narrative is shifting from survival to stabilisation and from volatility to reform-led recalibration.

Dufay opined that Nigeria, its largest and most strategic market, is fast becoming the anchor of Jumia’s next phase of growth. As reforms take root and macroeconomic stability strengthens, he believes they are seeing clearer pathways to scale, sustainability, and long-term digital expansion.