FG nets $13bn from e-commerce per annum, projects $75bn revenues in 2025

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The Federal Government has estimated the current e-commerce spending across the country to $13billion per annum and is projected to rise to about $75billion in revenues per annum by 2025.

The Federal Government through the Permanent Secretary, Ministry of Industry , Trade and Investment, Dr Evelyn Ngige further said that in recent time, e-commerce has grown from 14percent in 2019 to 17 percent in 2020.

Dr Ngige who was represented by the Director ,Commodities and Export Department (CED), FMITI, Mr Suleiman Audu at the second national e-commerce roundtable session in Abuja on Tuesday also said the encouraging trend has attracted the entrance of payment service providers in the e-commerce market .

According to him, the second edition of the e-commerce roundtable session will consolidate on the achievements of the first session and align discussions to current realities especially in the impact of Covid -19, which has turned global attention to the importance of e-commerce in the conduct of businesses around the world .

He said the event is expected to highlight critical issues that requires the attention of relevant stakeholders in order to develop a strategic framework that will improve the performance of the e-commerce sector in Nigeria .

He said in view of the cross cutting nature of e-commerce, the ministry is open to any form of collaboration that will support the development of the e-commerce ecosystem in Nigeria .

Also, the Director ,Commodities and Export Department (CED), FMITI, Mr Suleiman Audu who was represented by the Deputy Director of Commodities and Export Department (CED) of the Ministry, Mr Kaura Irimiya said that one of the thriving and promising markets globally is the e-commerce market, with estimated global sales of over $29 trillion.

He said in spite of the growing opportunities in the e-commerce sub-sector , Nigeria has not been able to fully explore its enormous potentials.

He said this could be largely due to inadequate investment in the e-commerce value chain, coupled with inadequate information on the opportunities in the sector and the inability of the government to provide the required enabling environment.

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