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The Nigerian ecommerce site Yudala has received 70 million US dollars in investment.
Yudala, which sells items online as well as offline in 14 physical stores across the country, wants to use the money to become the “Alibaba of Nigeria”.
Nigeria is the leading African nation for ecommerce.
Out of Nigeria’s 50 million internet users, a staggering 90% either shop online currently or plan to do so in the future.
Yudala faces stiff competition in the Nigerian market, with the most popular ecommerce Jumia having several million visitors every month.