FG TO RAISE $75BN FROM E-COMMERCE BY 2025 -MINISTRY
The Federal Government has said that it is targeting an increase in e-commerce trading, from the current market value of $13Bn to about $75Bn by 2025. The Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, who disclosed this on Tuesday in Abuja at the second National E-commerce Roundtable organised by the ministry noted that e-commerce had grown from 14 per cent in 2019 to 17 per cent in 2020.
Ngige who was represented by the Director, Commodities and Export Department, Suleiman Audu, said the encouraging trend had attracted the entrance of payment service providers in the e-commerce market. She said, “Interestingly, e-commerce provides an alternative to sustain businesses and preserve millions of jobs in the face of COVID-19 challenge.
“For instance, in China, e-commerce companies played a key role in the supply of food and other essential commodities to residents of Wuhan during the knockdown period in 2020. In addition, Amazon, a U.S. based company, as a leading e-commerce company in the world expanded and employed additional 175,000 new workers during the period due to increasing online demands for goods and services.”
According to her, the second edition of the e-commerce roundtable session will consolidate the achievements of the first session and align discussions to current realities especially in the impact of COVID -19. She said the advent of the pandemic had turned global attention to the importance of e-commerce in the conduct of businesses around the world.
Ngige said the event was expected to highlight critical issues that required the attention of relevant stakeholders in order to develop a strategic framework that would improve the performance of the e-commerce sector in Nigeria. She said in view of the cross-cutting nature of e-commerce, the ministry was open to any form of collaboration that would support the development of the e-commerce ecosystem in Nigeria.
Also, the Director, Commodities and Export Department, FMITI, Mr Suleiman Audu, who was represented by the Deputy Director of Commodities and Export Department of the Ministry, Mr Kaura Irimiya, said that one of the thriving and promising markets globally was the e-commerce market.