FG will unveil its e-commerce growth strategy

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The The federal government said Saturday it was working to establish an e-commerce strategy to spur growth in the sector.

Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, made this known 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 national economy away from the oil sector by building a vibrant, profitable and efficient non-oil sector to put the economy on a path of sustainable growth.

According to him, the number of online shoppers in the country, which was 76.7 million in 2021, is expected to reach 122.5 million by 2025.

The minister, who was represented by the director of the ministry’s Commodities and Exports Department, Suleman Audu, said Nigeria was actively participating in ongoing negotiations at the World Trade Organization to boost e-commerce.

He said, “Nigeria has yet to fully exploit the opportunities inherent in the e-commerce value chain, largely due to insufficient investment, coupled with inadequate information on industry opportunities and inability of government to provide the required enabling environment.

“As such, the government has identified e-commerce as a major priority program that will play a critical role in promoting trade in commodities, especially with the realities of the unprecedented global COVID-19 pandemic.

“The federal government is also committed to developing an e-commerce strategy consistent with the federal government’s post-COVID-19 recovery plan, to encourage investment in the e-commerce value chain,” he said. he declares.

The minister added that the ministry is passionate about growing investment opportunities in the e-commerce value chain that are capable of contributing significantly to the gross domestic product of the country.

Recently, the sector has gone from 14% in 2019 to 17% in 2020.

Adebayo added, “Current e-commerce spending in Nigeria is estimated to be around $13 billion per year and is expected to grow to around $75 billion in revenue per year by 2025. Nigeria e-commerce market outlook shows that the number of online transactions The number of buyers in the country, which was 76.7 million in 2021, is expected to reach 122.5 million by 2025. Figures from Nigeria’s interbank settlement system also show that Nigeria’s e-payment transactions grew 85.5% year-over-year. at N171.99trn in August 2021.”

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