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Nigeria targets $50bn e-commerce market in 2027

The federal government through the Ministry of Industry, Trade and Investment has kicked off the implementation of Nigeria’s National e-Commerce Strategy (NeCS) to leverage the N255bn market.

This emerged at a workshop themed “Implementation of National e-Commerce Strategy: Catalyst for Harnessing the Transformative Power of Digital Commerce for Sustainable Economic Growth and Development in Nigeria,” and was a significant step towards advancing the nation’s economic landscape through digital transformation.

Permanent secretary of the ministry, Ambassador Nura Abba Rimi, represented by Director of Commodities and Export Departments, Kaura Irimiya, said the strategy aims to complement existing policies to better position Nigeria in the global market, particularly by creating sustainable market access for non-oil commodities and services.

“The core of Nigeria’s National e-Commerce Strategy is to leverage digital commerce as a catalyst for economic progress and development.

“Available data underscores the potential of Nigeria’s e-commerce sector, with market opportunities exceeding N255 billion annually and growing at 25 per cent per year. Also, foreign investments have surpassed $200 million, with projections estimating the market value to reach $50 billion by 2027. This rapid growth necessitates an enabling environment to drive sector expansion and contribute significantly to economic growth,” Rimi said.

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

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