Nigerian Online Shoppers to hit 122.5m by 2025

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The minister of Industry, Trade and Investment, Otunba Niyi Adebayo predicted that the number of online shoppers in the country, which was at 76.7 million in 2021 will hit 122.5 million by 2025.

Adebayo stated that the figures from the Nigeria Inter-Bank Settlement System (NIBSS) revealed that Nigeria’s e-payment transactions increased by 85.5 per cent year-on-year to N171.99 trillion in August 2021.

The minister disclosed this at a stakeholder dialogue on e-commerce and digital trade policy for Nigeria.

According to him, the current e-commerce spending in Nigeria is estimated at about $13 billion per annum, and is projected to rise to about $75 billion in revenues per annum by 2025.

“Nigeria is currently working to establish a strategy on e- commerce that will boost growth of the sector.

“There is no better time than now to diversify our economy away from the oil sector by building a dynamic, profitable and efficient non-oil sector to reposition the economy on a sustainable growth path,” he said.