The digitisation policy drive of the Federal Government as contained in the National Digital Economy Policy and Strategy (NDEPS) is impacting positively in corporate governance, Business-to-Business (B2B), Business-to-Customer (B2C), and Business-to-Government (B2G) relationships.
According to the Director General of the National Information Technology Development Agency (NITDA), Mr Kashifu Inuwa, the digital economic sector presently deploys new technological innovations, such as e-commerce platforms, including social media-enabled trading handles to ensures rapid uptake of e-commerce for economic growth and competitiveness.
Inuwa who stated this while delivering a good will message at the Validation Workshop for the National e-Commerce Policy and Strategy by the National Advisory Committee, on Electronic Commerce and Digital Economy (NACEDE), said “Nigeria is experiencing the positive impact of e-commerce activities due to the growing increase in access to the Internet and related IT tools and services. The contributions of the telecommunications sector to the National Gross Domestic Product (GDP) was an average15% in July 2022 and experienced 44.5% broadband penetration with active internet subscriptions that peaked at 151 million.”
The DG who was represented by Mr Salisu Kaka, Acting Director, Digital Economy and Developement Department, further said, “we have approximately 2000 digital innovation companies with 384 products in Nigeria. These Startups have raised over $2 billion in venture capital funding in 2021 alone. With an estimated 89,000 developers representing 12% of the African developers’ population, Nigeria’s e-commerce market size is about $17 billion. There is annual spending of about $12 billion in 2022, and this is projected to reach $75 billion by 2025.”
“Micro, Small and Medium Enterprises (MSMEs) appear to be the major beneficiaries of the concept of e-commerce as it enabled MSMEs to operate in the global marketplace. MSMEs can now participate in regional businesses and enjoys social, economic, and cultural networks seamlessly across international boundaries.
“Global corporations now operate with much consistency while MSMEs experience enhanced participation in international value chains, increased market access and reach improved internal and external market efficiency, and lower transaction costs,” he noted.
He also said that there is a need to maintain the tide and optimise the benefit of technology and e-commerce, which have necessitated Nigeria to have a robust national e-commerce policy and strategy.
“Additionally, Nigeria is a signatory to bilateral, regional, continental, and global treaties on trade and trade-related activities. Having a national policy that recognized these treaties is necessary for the mutual benefit of member nations.
“The policy will help us as a nation to make use of trade agreements that facilitate e-commerce for national benefits and avoid possible distortions that could jeopardize the optimization of the opportunities in e-commerce and hinders the growth of our businesses.
The Chairman of NACEDE, Mr. Suleman Adebayo Audu, Director of the Commodities and Export Department, at the Federal Ministry of Industry, Trade and Investment in his earlier remarks stated that taking advantage of the Digital Economy will boost the growth of e-Commerce across the country thereby bringing Foreign Direct Investment (FDI), and grow the economy.
Adebayo said that this policy document represented the priority of the Federal Government, the workshop will provide an avenue for inclusiveness of citizens to partake in the decision-making, and contributes ideas, initiatives, and critics that will be beneficial to the policy document before the full implementation for the benefit of the country.
The policy document will be compiled as part of the scorecard of the present administration which will boost the operations of e-Commerce across the country.
The workshop which was organised by the Agency in collaboration with the Federal Ministry of Industry, Trade, and Investment (FMITI), was aimed at providing a platform to review, deliberate, and contribute towards the full implementation of the policy document.
NITDA in collaboration with the Trade Department of the Federal Ministry of Industry, Trade and Investment (FMITI), have jointly worked to produce the draft National E-Commerce Policy and Strategy document for Nigeria. The work is part of the Nigerian Government’s efforts to meet the ECOWAS, AU, and the global requirements for trade development in general and e-commerce in particular.
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