Pulse.ng : Nigeria's E-commerce Value Soared from $675.68 Million to $9.02bn in 2023

By Hussaina Yakubu

The Nigerian Export Promotion Council (NEPC) has said that the country's E-commerce value has risen from 675.68 million USD on 2022 to 9.02 billion USD in 2024.

The Director General and Chief Executive Officer of the council, Mrs Nonye Ayeni stated this at a one-day sensitisation workshop on the implementation of the developed national e-commerce strategy organised by the Federal Ministry of Industry, Trade and Investment (FMITI) on wednesday in Kaduna.

She said that Nigeria is the 38th largest market for E-commerce ahead of Pakistan and behind Finland with an expected yearly growth rate of 12 per cent between 2021 to 2025.

Ayeni represented by the State Coordinator of NEPC in Kaduna, Kabir Yusuf, said the workshop was critical and timely particularly for Small and Medium Enterprises (SMEs) exporters who constitute the largest number of actors in the export supply chain but lack the requisite knowledge of e-commerce.

She described e-commerce as a powerful tool for sustainable growth and development in Nigeria

According to her, e-commerce has the potential to unchain new opportunities, create jobs and increase access to markets both locally and globally.

She urged participate to harness the power of e-commerce to drive innovation, entrepreneurship and economic prosperity.

Director, Commodities and Export Department, FMITI, Kaura Irimiya who was represented by Ahmed Abdul said the workshop with the theme, ‘Implementation of National E-Commerce Strategy: Catalyst for harnessing the transformative power of digital commerce for sustainable economic growth and development in Nigeria, was aimed at harnessing the transformative power of digital commerce as a catalyst for economic progress and development.

He said " mostly in an era where technological advancements dismantle traditional trade barriers, e-commerce emerges as a way for Nigerian businesses to expand their horizons, penetrate new markets, and bolster their global competitiveness.

He said, “By embracing digital platforms and innovative technologies, Nigerian entrepreneurs and enterprises can transcend geographical constraints and unlock untold avenues of prosperity.

According to him, vailable data has shown that the current market opportunity for electronic commerce in Nigeria is over N255 billion annually, growing at a rapid rate of 25 percent per annum and has attracted over $200 million in foreign investment.

Also, experts in the Nigerian financial service sector have estimated that Nigeria’s e-commerce market was currently worth about $13billion in 2017 and estimated to reach $50billion over the next ten years.

He called for the need for an enabling environment to rapidly evolve to drive the growth of the sector and to contribute significantly to economic growth.

On her part, the Commissioner, Ministry of Business Innovation and Technology, Patience Fakai who was represented by the Permanent Secretary in the ministry, Dr. Yusuf Saleh, said the Covid-19 pandemic has accelerated the global shift towards digital commerce.

“Here in Kaduna State, we have witnessed how e-commerce has enabled businesses, particularly MSMEs, to reach new customers, expand their market presence
and build resilience amid disruptions through various intervention programmes by the state government Enterprise Development Agency (KADEDA).

She explains that, they were aware of the significant barriers and challenges that need to be addressed to fully leverage the potential of e-commerce in
Nigeria.

She highlighted some lssues such as infrastructure, digital literacy, access to digital payment systems, consumer trust, and regulatory frameworks which must be
tackled head-on.

The commissioner explained that e-commerce will create a roadmap for coordinated action between the public and private sectors to drive e-commerce adoption and growth across the sub-national and national levels.(NAN)