Industry, Trade and Investment Minister Niyi Adebayo says Nigeria is currently building an e-commerce strategy that will boost the sector’s growth.
The minister said this on Saturday in Abuja during a stakeholder dialogue on e-commerce and digital trade policy for Nigeria.
Adebayo noted that there is no better time than now to diversify the Nigerian economy beyond the oil sector by building a dynamic, profitable and efficient non-oil sector to reposition the economy on a sustainable growth path.
The minister, who was represented by the ministry’s Director of Raw Materials and Exports, Mr Suleman Audu, said Nigeria is actively participating in the ongoing negotiations at the World Trade Organization to boost e-commerce.
He said: “Nigeria has yet to fully exploit the inherent opportunities in the e-commerce value chain, largely due to insufficient investment, coupled with insufficient information about the opportunities in the sector and the government’s inability to provide the required environment.
“As such, the government has identified e-commerce as a key priority program that will play a critical role in promoting commodities trade, especially with the realities of the unprecedented global Covid-19 pandemic.
“The federal government is also committed to developing an e-commerce strategy in line with the federal government’s post-COVID-19 recovery plan, to encourage investment in the e-commerce value chain.”
He added that the ministry is passionate about the growing investment opportunities in the e-commerce value chain, which can contribute significantly to the country’s GDP. The sector has grown from 14% in 2019 to 17% in 2020.
“Current e-commerce spending in Nigeria is estimated to be about $13 billion per year and is expected to rise to about $75 billion in revenue per year by 2025. The market outlook for Nigeria’s e-commerce shows that the number of Online shoppers in the country, which reached 76.7 million in 2021, are expected to reach 122.5 million by 2025. The figures from the Nigeria Inter-Bank Settlement System also show that e-payment transactions in Nigeria increased by 85.5 percent year-over-year to N171.99 trillion in August 2021,” he further stated.
Adebayo added that the federal government will continue to strengthen cooperation with state governments and build synergies between relevant ministries, ministries and agencies through harmonization and coordination of e-commerce activities under the National Advisory Committee on Electronic Commerce and the digital economy platform.
He said stakeholders are expected to brainstorm and come up with appropriate recommendations and ways for developing e-commerce and digital trade policies in Nigeria that will boost cross-border trade.