Okada Books, Nigeria’s pioneering digital publishing and bookselling platform, is set to cease operations on November 30, 2023, attributing the decision to challenging macroeconomic conditions. Okechukwu Ofili, the CEO of the company, acknowledged the insurmountable challenges faced and expressed regret in a statement posted on the social media platform X.
Launched in 2013 by Nigerian writer Okechukwu Ofili, Okada Books aimed to simplify book distribution and sales in Nigeria, particularly for writers facing difficulties obtaining publishing contracts or dealing with the expenses of self-publishing. The platform facilitated easy self-publishing, connecting authors directly with readers through its Android application and online platform. Okada Books charged a 30% commission on each sale, with book prices ranging from N250 to N500, though some could be higher based on the author’s preference.
The platform, known for creating a market where none existed before, played a significant role in bridging the gap for writers. Ruth Zakari, the editor-in-chief at Zikoko, expressed sadness at Okada Books’ shutdown but looked forward to potential alternatives to fill the void.
Selected for Google’s Launchpad Accelerator Africa in 2017, Okada Books boasted a library of over 40,000 original books and a user base of 400,000 registered readers. The closure raises concerns for writers who relied on the platform for monetizing their works, forcing them to seek alternative avenues.
The shutdown aligns with a broader trend of challenges faced by African startups in a volatile macroeconomic market. Recently, Zazuu, a fintech marketplace for cross-border payment networks, also shut down after failing to secure additional funding.