Nigerians Spend $13bn Annually On E-Commerce — Fed Govt

The federal government had said that e-commerce spending in Nigeria is estimated at $13 billion annually.

The Permanent Secretary in the Federal Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, said this in Abuja at the Second National E-commerce Roundtable Session in Nigeria.

She said e-commerce is projected to rise to about $75 billion in revenue per annum by 2025.

The permanent secretary, represented by the Director, Commodities and Export Department in the Ministry, Mr. Suleiman Audu, said e-commerce has grown from 14% in 2019 to 17% in 2020, adding that COVID-19 pandemic has turned global attention to the importance of e-commerce in the conduct of businesses.

“The demand for electronic transactions has attracted payment facilitators from Europe and Asia, who are now investing in Nigerian electronic infrastructure projects,” she said.

Audu, called on stakeholders to support the government’s efforts to develop the economy, reduce over-dependence on the oil sector by focusing on the development of the non-oil commodity sector to enhance productivity, create jobs and ensure sustainability in revenue generation.

Audu, represented by Mr. Kaura Irimiya, Deputy Director, CED, said one of the thriving and promising markets globally is the e-commerce market, with estimated global sales of over $29 trillion.

He lamented that in spite of the growing opportunities in e-commerce, Nigeria has not been able to explore its enormous potential.