The Federal Government has been admonished to leverage on the growing e-commerce industry for sustenance of its economic diversification policies.
Nigeria’s electronic commerce market is estimated to have a potential value of $10 billion with about 300,000 online orders currently being made on daily basis.
Although e-commerce in Nigeria is still in its early stage when compared to other countries, the market is developing rapidly with estimated output growth of 25 per cent annually.
Sales by the three leading online stores averaged $104 million in 2014. Also, the sector has attracted $200 million foreign investment since 2012. Experts therefore advised the federal government to use the online stores to market the small and medium-sized enterprises (SMEs), which they stated are growth engine for Nigeria’s economy.
While stressing that the leading online retail platforms are already incorporating SMEs to drive their businesses, sources said the medium could be used to market made-in-Nigeria products to Nigerians in diaspora. This, the sources added, could stimulate growth of the non-oil economy and contribute to its diversification in the medium to long term.
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