The Director General of the National Information Technology Development Agency (NITDA), Kashifu Abdullahi Inuwa, has predicted that by 2025, the nation’s annual e-commerce spending would hit $75 billion.
e-Commerce and other sectors in the country are experiencing accelerated growth as a result of the federal government’s digitalisation policy, Inuwa said.
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The NITDA boss said Nigeria’s e-commerce businesses rose to over $17 billion early this year.
He delivered a goodwill message at a workshop on National e-Commerce Policy and Strategy organised by the National Advisory Committee on Electronic Commerce and Digital Economy (NACEDE) at the weekend in Abuja.
The DG was ably represented by the agency’s acting director of the Digital Economy and Development Department, Salisu Kaka.
Inuwa said the Digital Economic sector, which he called a super-set of e-commerce, remained essential to Nigeria’s economic recovery in the post-COVID era.
According to him, the sector would deploy new technological innovations, such as e-commerce platforms, including social media-enabled trading handles, and ensure rapid growth.
He said: “The contributions of the Telecommunications sector to the National Gross Domestic Product (GDP) was an average of 15 percent in July 2022 and experienced 44.5 percent broadband penetration with active internet subscriptions that peaked at 151 million.
We have approximately 2,000 digital innovation companies with 384 products in Nigeria. These startups have raised over $2 billion in venture capital funding in 2021 alone.
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“There is annual spending of about $12 billion in 2022, and this is projected to reach $75 billion by 2025.
“Micro, Small, and Medium Enterprises (MSMEs) appear to be the major beneficiaries of the concept of e-commerce as it enabled MSMEs to operate in the global marketplace. MSMEs can now participate in regional businesses and seamlessly enjoy social, economic, and cultural networks across international boundaries.”
