Nigeria: OLX Site Recorded N12.1 Trillion Online Transactions in 2016

13 October 2017

Money Transfer

OLX, a leading online classifieds site in Nigeria, has released the report of the total number of second-hand items and their value, that were traded on its online site in 2016, saying a total of 1,122,001 second-hand items were posted for sale on the site last year valued at N12.1 trillion.

OLX, which commenced business in Nigeria in 2012, operates an online classifieds site, which offers Nigerians the platform to trade second-hand items, especially household items and personal effects.

The survey report about transactions between sellers and buyers on the OLX platform in Nigeria, was released for the first time in commemoration of its 5th anniversary, to showcase trends within the local second-hand market from last year.

The report revealed the number and value of second-hand items posted on the OLX site last year, which turned out to be huge and almost twice the market capital for some online sites.

The report also indicated the power of the second-hand market offering in Nigeria by revealing that over one million items were posted for sale last year, which equates to one item being up for grabs every 30 seconds on the OLX site.

Source: This Day Live