In a recent report to mark its fifth anniversary, online classified market, OLX says it recorded up to N12.1 trillion used goods dealings on its platform in Nigeria in 2016.
The figure the company says, 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.
Lola Masha, Country Manager of OLX while analysing the report further said what that meant was 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.
“The report not only shows the enormous value of the second hand market but also demonstrates the positive impact online classifed has on the Nigerian economy. This is a concrete demonstration of our brand essence, ‘Everybody wins’.
“As sellers win when they sell items they no longer need at lower prices, Buyers also win when they buy items at great discounts and the community wins as this trade leads to increased circulation of cash in the local economy.” Masha posited.