Finance - Nigeria

Nigeria

In Nigeria, the Finance market is anticipated to witness a substantial growth in total revenue, projected to reach US$0.65m in 2022.
This projection signifies a positive outlook for the market.
Furthermore, it is expected that the Finance market will experience a steady annual growth rate (CAGR 2022-2027) of 11.32%, leading to a projected market volume of US$1.20m by 2027.
These figures demonstrate the potential and opportunities available in the Finance market sector in Nigeria.
When examining the revenue breakdown within the Finance market, it is projected that the in-app purchase (IAP) revenue will reach US$148.50k in 2022.
This highlights the increasing popularity of in-app purchases within the Finance market sector in Nigeria.
Additionally, the paid app revenue is expected to reach US$318.70k in 2022, while advertising revenue is projected to reach US$181.60k in the same year.
These figures indicate the diverse revenue streams within the Finance market in Nigeria.
The number of downloads in the Finance market is also expected to rise significantly, reaching 8.54m downloads in 2022.
This surge in downloads reflects the growing interest and engagement of users with finance-related applications in Nigeria.
Furthermore, the average revenue per download is currently estimated to be US$0.08, showcasing the potential for monetization within the Finance market.
In terms of global comparison, it is noteworthy that in the United States leads in generating the highest revenue within the Finance market, with a projected figure of US$580.10m in 2022.
This emphasizes the dominance of the US market in the finance sector on a global scale.
Overall, the Finance market in Nigeria shows promising growth potential, with projected increases in total revenue, diverse revenue streams, and a significant number of downloads.
These factors contribute to the overall development and expansion of the Finance market in Nigeria, positioning it as a key player in the global finance industry.

Key regions: India, Europe, Japan, China, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.