Olx Investment in Second–Hand Market Rises by N12.1trn

The over $1 billion Nigerian secondhand market is confirmed to be increasing as a report submitted by a leading online classified, Olx further attests to Nigerians, penchant for previously-owned goods.

In a new report submitted by the company as part of activities to mark its fifth anniversary in the market, the firm recorded up to N12.1 trillion used goods dealings on its platform in 2016, which according to it, the figure was expected to soar higher given the potential in the market.

According to the company, the figure, almost twice the market capital for Snapchat further underscores the strong place of secondhand market offering in the country.

Analysing the report further, Country Manager of Olx, Lola Masha, said it meant that in 2016, one used item was being posted on the platform every 30 second for sale. “We currently receive 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 instance, the monetary value of mobile phones posted the platform in previous year worth over N6.5 trillion, which is equivalent to four and half of the world’s largest gold bars, whilst the value from the home, furniture and garden category totaled N44.3 billion.

“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,” she said.