The Federal Government, through the Ministry of Industry, Trade, and Investment, has initiated the implementation of Nigeria’s National e-Commerce Strategy (NeCS) to tap into the N255 billion market.
This initiative was announced at a workshop titled “Implementation of National e-Commerce Strategy: Catalyst for Harnessing the Transformative Power of Digital Commerce for Sustainable Economic Growth and Development in Nigeria.” It marks a significant move toward advancing the nation’s economic landscape through digital transformation.
Ambassador Nura Abba Rimi, the Permanent Secretary of the ministry, represented by the Director of Commodities and Export Departments, Kaura Irimiya, stated that the strategy aims to complement existing policies and better position Nigeria in the global market. It seeks to create sustainable market access for non-oil commodities and services.
“The core of Nigeria’s National e-Commerce Strategy is to leverage digital commerce as a catalyst for economic progress and development,” Rimi explained.
He highlighted the potential of Nigeria’s e-commerce sector, with market opportunities exceeding N255 billion annually, growing at a rate of 25% per year. Foreign investments have surpassed $200 million, with projections estimating the market value to reach $50 billion by 2027. This rapid growth necessitates creating an enabling environment to drive sector expansion and contribute significantly to economic growth.
Mrs. Folashade Ambrose-Medebem, Lagos Commissioner for Commerce, Cooperatives, Trade, and Investment (MCCTI), underscored the transformative impact of e-commerce on sustainable growth and economic development. She emphasized that e-commerce levels the playing field for businesses of all sizes, enabling regional enterprises and communities to participate in the global marketplace seamlessly.
