Nigeria's e-Commerce Value Hit $9b in 2023 - Export Council

30 May 2024
Daily Trust (Abuja)
By Maryam Ahmadu-Suka, Kaduna

The Nigerian Export Promotion Council (NEPC) said that the country's E-commerce value rose from USD675.68 million in 2022 to USD 9.02 billion in 2023.

The Director General and Chief Executive Officer of the council, Mrs. Nonye Ayeni disclosed this at a one-day sensitisation workshop on the implementation of the developed national e-commerce strategy organised by the Federal Ministry of Industry, Trade and Investment (FMITI) yesterday in Kaduna.

Mrs. Nonye noted that the country is the 38th largest market for E-commerce ahead of Pakistan and behind Finland with an expected yearly growth rate of 12 per cent between 2021 to 2025.

Represented by the State Coordinator, NEPC, Kabir Yusuf, the DG said the workshop is critical and timely, particularly for Small and Medium Enterprises (SMEs)exporters who constitute the largest number of actors in the export supply chain but lack the requisite knowledge of e-commerce.

While describing e-commerce as a powerful tool for sustainable growth and development in Nigeria, she noted that it has the potential to unchain new opportunities, create jobs and increase access to markets both locally and globally.

She urged participants to harness the power of e-commerce to drive innovation, entrepreneurship and economic prosperity.

Director, Commodities and Export Department, FMITI, Kaura Irimiya who was represented by Ahmed Abdul said the workshop is aimed at harnessing the transformative power of digital commerce as a catalyst for economic progress and development, mostly in an era where technological advancements dismantle traditional trade barriers.

He said, "Available data has shown that the current market opportunity for electronic commerce in Nigeria is over N255 billion annually, growing at a rapid rate of 25 per cent per annum and has attracted over $200 million in foreign investment.

Also, the Commissioner, Ministry of Business Innovation and Technology, Patience Fakai, who was represented by the Permanent Secretary in the ministry, Dr. Yusuf Saleh said the COVID-19 pandemic has accelerated the global shift towards digital commerce.

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