e-Commerce: FG Records $13b Spending Per Annum

14 September 2021 by MATHEW AYOOLA

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 Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige made this known at the second national e-commerce roundtable in Abuja.

She stated that in recent time, e-commerce has grown from 14 percent in 2019 to 17 percent in 2020.

Dr Ngige who was represented by the Director ,Commodities and Export Department, CED, in the Ministry, Mr Suleiman Audu explained that the encouraging trend has attracted the entrance of payment service providers in the e-commerce market .

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

The Permanent Secretary further stated that the event was expected to highlight critical issues that requires the attention of relevant stakeholders in order to develop a strategic framework that would improve the performance of the e-commerce sector in Nigeria .

“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” She stressed

In a remark, the Director ,Commodities and Export Department, CED, Federal Ministry of Industry Trade and Investment, Mr Suleiman Audu who was also represented by the Deputy Director of Commodities and Export Department CED, of the Ministry, Mr Kaura Irimiya said 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 potential.

According to him, 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.

He explained that the event was expected to provide an opportunity for key stakeholders in the e-commerce ecosystem, to interact on matters arising from the previous session and to widen the scope of discussions to cover emerging issues in e-commerce landscape and implications for Nigeria , particularly in relating to operational and regulatory framework as well as other key enablers .

Also, the Deputy Superintendent of Customs, David Anikoh said e-commerce has been a burning issue when it comes to cross borders and they are collaborating with the Ministry to promote e-commerce in Nigeria and other agencies.

“E-commerce is a large sector and our concern is the revenue generation . We are glad to be in this meeting and we hope that the event meets the purpose,” he added

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