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E-commerce spending to hit $75bn by 2025 – Minister

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo says with the rise in the patronage of different e-commerce platforms, spending is expected to…

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo says with the rise in the patronage of different e-commerce platforms, spending is expected to hit $75bn by 2025.

Mr. Adebayo stated this over the weekend in Abuja at a stakeholder dialogue on e-commerce and digital trade policy for Nigeria.

The minister who was represented by Mr. Suleman Audu, Director, Commodities and Export Department at the ministry also noted that the country was yet to fully explore the opportunities in e-commerce.

“Nigeria is yet to fully harness the inherent opportunities in the e-commerce value chain, largely due to inadequate investment, coupled with inadequate information on the opportunities in the sector and the inability of the government to provide the required enabling environment”

On measures put in place to address the issue, the minister explained that “The current e-commerce spending in Nigeria is estimated at about $13 billion per annum, and is projected to rise to about $75 billion in revenues per annum by 2025, which is why the ministry prioritised e-commerce as critical to the promotion of domestic and cross border trade in Nigeria.

“Government is also building partnerships with banks, non-governmental organisations, donor agencies and research organisations to mitigate some of the challenges that currently affect entrepreneurs and business owners and meet the funding need in the sector to take SMEs businesses to the next level,” he added.