Cash strapped Nigerians seek income in selling big-ticket items - CNBC Africa

Cash strapped Nigerians seek income in selling big-ticket items

Western Africa

by Tendai Dube 0

Cash strapped Nigerians seek income in selling used items. Photo: Pixabay

Consumers in Nigeria are selling larger goods in an effort to keep up with the current economic slowdown, this is according to free online classifieds, OLX.

According to OLX, data for 2015 (Jan - Dec) shows real estate sales on the site grew by 45 per cent, car sales are up 36 per cent, fashion, 32 per cent and electronics, 31 per cent.


"What we are observing is that individuals are selling the high ticket items, real estates, land, cars, generators to raise cash during this tough period, we are here to help our users sell and we are seeing that increase coming from individual selling," said  Lola Masha, Country Manager at OLX Nigeria.

OLX is trying to make selling used goods easier for consumers who are feeling the burden to get rid of their assets for a fee.

"To make it easier to help our users sell their items on OLX, we actually can take the item from the homes, have our verified agents come to your home and post the item for you, help you find buyers, negotiate the right price, deal with all the hassle of selling items on OLX and then just transfer cash back to you," explained Masha.

Masha states that the increase in sales for these big ticket items is not unusual in these desperate times because to be able to pay school fees and other debts, one needs big items to dispose of.

"The category that has gone up the fastest is our home, furniture and goods category - we have also seen cars go up quite a bit," said Masha

Masha says she is however seeing lower volume sales for cheaper items like mobile devices and fashion items.