Nigerian electronic commerce sector is expected to expand further to as much as $13 billion (N2.5 trillion) in value, financial experts have said.
This is as more Nigerians patronise online retail platforms following the Central Bank of Nigeria, CBN’s cash-lite agenda and the Federal Government of Nigeria’s national broadband policy 2013-2018.
Director General of Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf said that the increasing trend according to the National broadband policy 2013-2018, 80 percent of the Nigerian population is projected to enjoy mobile broadband access and 20 percent fixed line access.
He attributed the growth to the country’s population and the growth of internet and smartphone penetration.
He noted that the country’s economic development will also have an impact on the growth of e-commerce, adding that more and more people, including retailers, branding partners and delivery companies, are attracted by online trade.
He said: “The Nigeria’s E-Commerce Sector would reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach.
“The Nigerian electronic commerce sector would improve the effectiveness of monetary policy in managing inflation and driving economic growth as it boosted by an efficient and modern payment system, which is positively correlated with economic development, and is a key enabler for economic growth”, he said.
In his contribution, the President of Association of Senior Staff of Banks, Insurance and Financial Services, ASSBIFI, Comrade Sunday Olusoji Salako, said as at today, Nigeria’s retail industry has become increasingly sophisticated, evolving from open-air markets to modern malls and online shops.
He said: “It is on record that in recent times the Small and medium-sized enterprises (SMEs) are now primary drivers of growth for e-commerce. Cost reductions and improved marketing reach are two of the main advantages which electronic platforms offer.”
He however argued that future growth of the nation’s economy will very much depend on the evolution of internet penetration, adding that the Nigerian Communications Commission, NCC, active internet subscription via GSM was estimated at 83.2 million in February this year, equivalent to a penetration of 49 per cent.
Based on industry reports, “countries with highly successful e-commerce industries such as the United Kingdom, the United States and Norway, have correspondingly high Internet penetration rates of 87 per cent, 81 per cent and 95 per cent respectively”, he said.


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