Francis Dufay, chief executive officer of Jumia Group, has offered a perspective that placed Nigeria not at the margins of risk, but at the centre of reform, growth and stability.
Dufay’s perspective comes on the heels of the perception in global investment circles that Nigeria’s economy is volatile, with currency instability, inflationary pressures, supply chain disruptions, and uncertainty around reform implementation.
Speaking during a panel on emerging markets at the Sohn Conference in New York, Dufay described the period between 2021 and 2024 as one of the most difficult economic cycles in recent memory for African markets, with Nigeria among the hardest hit. Sharp currency swings, weakened consumer purchasing power, and inflation created a challenging operating environment, particularly for sectors tied to imports, logistics, payments, and retail demand.
For businesses like Jumia, where pricing stability, inventory planning, and payment predictability are critical, the volatility tested resilience.
According to Dufay, the
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