Home Business E-commerce spending to hit $75bn by 2025, says FG

E-commerce spending to hit $75bn by 2025, says FG

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The federal government says the e-commerce industry has attracted huge attention in recent times and that by the year 2025, spending is estimated to hit $75 billion. 

The disclosure was made by the Permanent Secretary, Ministry of Industry, Trade and Investment, Evelyn Ngige at the Second National E-commerce Round Table Session in Abuja which had the theme “E-commerce in Post-Covid Economy, Potential Change in Business Outlook and Shifting Domestic and Global Policies on Commodity Trade”.

In her keynote address, she said: “The Ministry of Trade is passionate about the growing Investment opportunities in the e-commerce value chain, which are capable of contributing significantly to the country’s GDP. 

“In recent times, E-commerce has grown from 14 per cent in 2019 to 17 per cent in 2020. Current e-commerce spending in Nigeria is estimated at $13 billion per annum and is projected to rise by $75 billion per annum by 2025.

“The encouraging trend has attracted the entrance of payment service providers into the e-commerce market. In addition, the demand for electronic transactions has attracted payment facilitators from Europe and Asia who are now investing in Nigeria electronic infrastructure projects.”

Represented by the Director, Commodities and Export Department, Mr Mrleiman Audu, she said the roundtable session is expected to discuss highly critical issues that required the attention of stakeholders while urging Participants to brainstorm on ideas that will improve the e-commerce sector in Nigeria.

The permanent secretary further re-instated the ministry’s commitment to collaboration with the private sector will support the development of e-commerce in Nigeria.

Also speaking, the Director, commodities and export department of the Ministry, Mr Suleiman Audu said Nigeria hasn’t been able to harness fully the thriving market of e-commerce due to inadequate Investment, which is why the stakeholders’ engagement is critical.

He said, “The forum is for stakeholders to interact for the e-commerce landscape and bring forth germane strategies for policymakers regulators.” 

Speaking on behalf of the Director, deputy director of the department, Mr Mrura Irimiya added that e-commerce has become very crucial in the 21st century and Nigeria must not be left behind.

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