Federal Authorities via the minister of Trade, Commerce and Funding Otunba Niyi Adebayo has revealed that market outlook for Nigeria’s e-commerce exhibits that the variety of internet buyers within the nation, which was at 76.7 million in 2021, is anticipated to hit 122.5 million by 2025.
Adebayo stated the figures from the Nigeria Inter-Financial institution Settlement System (NIBSS), additionally exhibits that Nigeria’s e-payment transactions elevated by 85.5 per cent year-on-year to N171.99 trillion in August 2021.
The minister who famous this on the weekend in Abuja at a stakeholder dialogue on e-commerce and digital commerce coverage for Nigeria stated the Ministry is passionate in regards to the rising funding alternatives within the e-commerce worth chain that are able to contributing considerably to the nation’s GDP. Not too long ago, the sector has grown from 14% in 2019 to 17% in 2020.
He stated the present e-commerce spending in Nigeria is estimated at about $13 billion each year, and is projected to rise to about $75 billion in revenues each year by 2025.
In his phrases “Nigeria is at the moment working to ascertain a method on e- commerce that may enhance progress of the sector.
“There is no such thing as a higher time than now to diversify our financial system away from the oil sector by constructing a dynamic, worthwhile and environment friendly non-oil sector to reposition the financial system on a sustainable progress path.
The minister who was represented by the Director, Commodities and Export Division, of the ministry, Mr. Suleman Audu stated Nigeria is actively taking part within the on-going negotiation on the World Commerce Group (WTO), with a purpose to enhance e-commerce.