Nigeria’s e-commerce markets hits $17bn

Inuwa said government digitalisation policy accelerated the growth of the e-commerce and other sectors within the past few years, noting that by 2025 annual e-commerce spending would hit $75 billion.

Inuwa stated this while delivering a good will message at the validation workshop for the National e-Commerce Policy and Strategy by the National Advisory Committee, on Electronic Commerce and Digital Economy (NACEDE) in Abuja.

He was represented by the Acting Director, Digital Economy and Developement Department, Engr Salisu Kaka.

He emphasised that the Digital Economic sector, which is a super-set of e-commerce, remains key to Nigeria’s economic recovery in the post-COVID era, deploying new technological innovations, such as e-commerce platforms, including social media-enabled trading handles, and ensuring rapid growth.

Inuwa said :“The contributions of the telecommunications sector to the National Gross Domestic Product (GDP) was an average15% in July 2022 and experienced 44.5% broadband penetration with active internet subscriptions that peaked at 151 million.

“We have approximately 2000 digital innovation companies with 384 products in Nigeria. These Startups have raised over $2 billion in venture capital funding in 2021 alone.

” With an estimated 89,000 developers representing 12% of the African developers’ population, Nigeria’s e-commerce market size is about $17 billion.

“There is annual spending of about $12 billion in 2022, and this is projected to reach $75 billion by 2025.

“Micro, Small and Medium Enterprises (MSMEs) appear to be the major beneficiaries of the concept of e-commerce as it enabled MSMEs to operate in the global marketplace. MSMEs can now participate in regional businesses and enjoys social, economic, and cultural networks seamlessly across international boundaries.”