Zoho Nigeria’s Growth Moderates, Remains Strong in 2024
Zoho Nigeria, a prominent player in the African software-as-a-service (SaaS) market, experienced a slight deceleration in its growth trajectory during 2024. According to Country Head Kehinde Ogundare, the company achieved a growth rate of 74.28% this year, a decrease from the impressive 83.68% recorded in 2023. This information was disclosed at a press briefing held during the Zoholics Conference on Monday, September 8th.
Analyzing the Growth Slowdown
While a slowdown is evident, a 74.28% growth rate signifies substantial expansion for Zoho Nigeria. This figure is considerably higher than the 50% growth the company experienced in 2022, highlighting sustained success in the Nigerian and broader African markets. The moderation in growth, however, suggests a potential tempering of the pace at which Zoho is acquiring new customers. One factor that may be influencing this trend is the price adjustments implemented by Zoho in late 2024, which were likely linked to the devaluation of the Nigerian Naira. This financial context is crucial when analyzing the company’s performance in the region.
In conclusion, despite the slight dip in growth compared to the previous year, Zoho Nigeria continues to demonstrate robust expansion within the African SaaS landscape. The company’s ongoing performance remains a testament to its product offerings and market strategies.
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