Nigeria is targeting a $50 billion e-commerce market by 2027

The Federal Government through the Ministry of Industry, Trade and Investment has commenced the implementation of the Nigeria National E-Commerce Strategy (NeCS) to tap the N255 billion market.

This emerged during a workshop titled “Implementing a National E-Commerce Strategy: A Catalyst for Harnessing the Transformational Power of Digital Commerce for Sustainable Economic Growth and Development in Nigeria” and represented a significant step towards improving the country’s economic landscape through digital transformation.

Permanent Secretary of the ministry, Ambassador Nura Abba Rimi, represented by Director Commodities and Exports Kaura Irimiya, said the strategy aims to complement existing policies to better position Nigeria in the global market, particularly by ensuring sustainable market access for products other than crude oil. goods and services.

“The cornerstone of Nigeria’s national e-commerce strategy is the use of digital commerce as a catalyst for economic progress and development.

“Available data highlights the potential of the Nigerian e-commerce sector, with a market opportunity of over $255 billion annually and growing at 25 percent annually. Moreover, foreign investments have exceeded USD 200 million, and forecasts estimate that the market value will reach USD 50 billion by 2027. This rapid growth requires an enabling environment to drive the expansion of the sector and contribute significantly to economic growth,” Rimi said.

The Lagos Commissioner for Trade, Cooperatives, Commerce and Investment (MCCTI), Mrs. Folashade Ambrose-Medebem, has highlighted the transformative impact of e-commerce on sustainable economic growth and development.

She noted that e-commerce levels the playing field for businesses of all sizes, enabling regional businesses and communities to seamlessly participate in the global marketplace.