Chief Executive Officer of Jumia Group, Francis Dufay, has presented a positive assessment of Nigeria’s economic outlook, describing the country as a key example of reform, growth and stability rather than a market defined by risk and uncertainty.

Vanguard reported that Dufay made the remarks while speaking during a panel session on emerging markets at the Sohn Conference in New York, where he reflected on the economic challenges faced by African countries in recent years and the progress being made through ongoing reforms.

According to him, the period between 2021 and 2024 represented one of the most difficult economic cycles experienced by African markets in recent memory, with Nigeria among the countries most severely affected.

During that period, sharp currency fluctuations, declining consumer purchasing power and rising inflation combined to create a difficult business environment, particularly for sectors dependent on imports, logistics, payment systems and consumer retail demand.

For companies such as Jumia, where pricing stability, inventory management and payment predictability are essential to operations, the economic volatility posed significant challenges and tested the resilience of businesses operating in the market.

However, Dufay argued that the pressures generated by the economic crisis compelled governments and businesses to adopt structural responses. He maintained that Nigeria’s reform agenda, particularly under the administration of Bola Tinubu, has signalled the beginning of a new macroeconomic cycle.

He noted that policies aimed at unifying exchange rates, implementing fiscal adjustments and pursuing broader economic restructuring are gradually creating a more transparent and stable environment for businesses that operate within regulatory requirements.

Using Nigeria as an example of reform undertaken amid economic challenges, Dufay said, “Nigeria was in a tough situation three or four years back,” he noted.

He added that the recent policy changes are helping to establish the foundation for greater economic stability across the country.

According to him, for e-commerce operators and digital platforms, improved stability translates into more reliable pricing structures, stronger relationships with suppliers, better payment flows and increased confidence among investors seeking opportunities in the Nigerian market.