OLX, an online classified site in Nigeria, on Thursday revealed that the total value of second-hand items posted in 2016 was N12.1 trillion.

The Country Manager, Ms Lola Masha, in a statement in Lagos on Thursday, said that the report was the first to be released as the company marks its 5th anniversary.

According to her, the report showcases trends within the local second-hand market and demonstrates the positive impact online classified has on the Nigerian economy.

“The report shows that the value of the used or second-hand items posted on the site was N12.1 trillion last year, which interestingly is almost twice the market capital for Snapchat.

“The report also showcases the power of the second-hand market offering in Nigeria, by revealing that over one million items were posted for sale last year.

“It reveals that it equates to one item being up for grabs every 30 seconds on OLX,” she said.

Masha said that OLX currently received over 2.8 million visits a month and was anticipating a growth in this figure over the upcoming months.

She added that the report reflected Nigerians awareness of the second-hand value of their possessions.

“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 N44.3 billion, which is equivalent to almost half the cost of the Akwa Ibom stadium.

“The most expensive mobile phone posted on the site was a Nokia Vertu for N950,000, whilst the most expensive vehicle was a pre-owned 2015 Private Jet Bombardier valued at N5.5 billion that’s the average salary of the top five Nigerian footballers.

“The report not only shows the enormous value of the second-hand market but also demonstrates the positive impact online classifieds has on the Nigerian economy.

“This is a concrete demonstration of the OLX brand essence “Everybody wins” as sellers win when they sell items they no longer need at lower prices.

“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.

Masha said that the OLX Group operates a network of online trading platforms in over 40 countries and builds market leading classified marketplaces that empower millions of people to buy, sell and create prosperity in local communities.

“With over 300 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online such as household goods, phones, cars and houses.

“Through consumer brands including Avito, dubizzle, letgo, OLX, Stradia and Storia, more than 10 million things are listed on its market-leading apps and platforms every single month,’’ she said. (NAN)