The Chief Executive Officer of Jumia Group, Francis Dufay, says Nigeria’s ongoing economic reforms are creating a more stable and transparent environment for businesses.
Speaking at the Sohn Conference in New York, Dufay described the period between 2021 and 2024 as one of the most challenging for African markets, with Nigeria among the hardest hit due to currency volatility, inflation, and weakened consumer purchasing power.
He noted that these pressures significantly affected sectors reliant on imports, logistics, payments, and retail demand, posing difficulties for companies like Jumia that depend on pricing stability and efficient supply chains.
However, Dufay said the challenges also triggered necessary structural adjustments, pointing to reforms introduced under President Bola Ahmed Tinubu as a turning point.
According to him, policies such as exchange rate unification and fiscal adjustments are gradually improving transparency and stability in the economy.
Dufay added that the emerging stability is already benefiting e-commerce and digital platforms through better pricing models, improved supplier relationships, more reliable payment systems, and renewed investor confidence.
He described Nigeria as a key example of how economic reform, even under pressure, can lay the foundation for long-term growth.
