Online classified giants, OLX, has revealed the most marketed second hand item in the Nigerian market in 2016 in its inaugural end-of-year report which the company released as part of activities marking its 5th year anniversary in the country. According to the Country Manager, Lola Masha, the site was host to over a million items valued at N12.1 trillion in 2016 alone.
Analysis given by Masha also showed that by far the most marketed second hand item on the site in 2016 was unsurprisingly mobile phones, which were responsible for more than half of the total value of items put up for sale on the site with a whopping value of N6.5 trillion.
“The report takes a closer look at each category revealing some exciting figures about Nigeria’s second-hand market. For example, the monetary value of mobile phones posted on OLX in 2016 is over N6.5 trillion. This is equivalent to four and half of the world’s largest gold bars, whilst the value of the home, furniture and garden category on OLX is N44.3billion, which is equivalent to almost half the cost of the Akwa Ibom stadium.” Masha said in an attempt to emphasize how big the second hand market in Nigeria is.
Furthermore, the report showed that the most expensive phone traded was N950,00, a 2015 Nokia Vertu while a 2015 private Jet Bombardier valued at N5.5 billion was the most expensive item placed on the site in 2016.
The second-hand market in Nigeria is probably one of the biggest globally with the combination of the socioeconomic condition and the high population leading the majority of Nigerians to shop for second hand goods which are cheaper than new items. The market as Masha highlighted could serve as one of the major drivers of the economy.
“Buyers 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,” she said.
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