The Nigerian e-commerce sector is projected to reach a market value of 22 billion dollar by the year 2024. This is according to the recent report released by the Nigerian Communications Commission.

The report claimed that the growth is being driven by a number of factors which include unrestricted access to smart phones and mobile money.

The industry has remained an ever evolving market with myriad of untapped potentials and uncultivated fallow grounds waiting to be explored.

Early this year, it was predicted that the sector would peak at 9billion US dollars with an expectation of continued growth in social commerce, personalization, subscription services, and sustainable and ethical shopping practices.

Experts in the industry believe that most brand owners who were not aware of the abundant potentials in the market have suddenly realized that there are more to gain in having an online presence and engaging in online trading than the conventional business practices.

Young business owners and brand builders have been identified as major players that are constantly driving the conversation and dictating the pace of the sector.

Notwithstanding the abundant offerings by the sector, many brand owners are still taking the back seat in giving the industry their shot for fear of being scammed. Similarly, lack of trust from Nigerian consumers has been identified as a major hindrance for the sector to maximize its potentials within the Nigerian economy.

Throwing light on this development, Asiwaju Michael Olawale Cole, President, Nigerian Chamber of Commerce and Industry stated that the world is experiencing a shift towards e-commerce and the earlier a country like Nigeria joins the moving train, the better.

“I can say the potentials of e-commerce are huge. In most places now, a lot of things are done virtually and I can assure you that is the way the world is going. E-commerce must be encouraged in Nigeria. We have no choice for the world itself is embracing e-commerce and a lot of things get done without you being there physically,“ he pointed out.

In her own submission, the LCCI vice president, Mrs Mojisola Bakare hinted that there is going to be a lot of enhancement in e-commerce. She said B2B, B2C is beginning to get more enhanced in Nigeria and there are a lot of opportunities for people to leverage to develop their businesses. Mrs. Bakare confirmed that 2024 will record a major shift to the e-commerce sector.

On her part, Mrs. Abosede Okeyemi, LCCI Director of Membership disclosed that there are great things coming up with the sector in 2024.

While corroborating the views of others, Okeyemi believes that the industry is still evolving and the time has come for Nigerians to tap into the opportunities it offers and grow their businesses, admitting that it is one of the sectorial group in LCCI that is very vibrant and highly promising. She said as far as 2024 is concerned with e-commerce, the sky is just the beginning.