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E-commerce key to Nigeria economic growth

09 February 2016, 17:19Okoro Chinedu

Lagos - Local small and medium sized enterprises (SMEs) have been encouraged to adopt electronic commerce to enhance their growth and subsequently complement initiatives to diversify the economy.

First Bank of Nigeria said by adopting e-commerce, SMEs stood to benefit from increased revenues and margins, improved market reach, access to new markets, and cost savings in marketing and communication expenditure.

“Given the enhanced focus on economic diversification, attention should be placed upon encouraging SMEs as they are seen as vital for the growth and innovation of dynamic economies,” the bank’s capital markets entity said.

The bank noted ongoing efforts to enhance the adoption of e-commerce by SMEs.

Also Read: Nigeria tech company launches historic rewards scheme

In the third quarter of 2015, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Globacom announced plans to partner on strategies to create e-commerce solutions that would enhance the efficiency of transacting business between SME operators and their customers.

However, FBN capital noted there were still several roadblocks which slowed expansion within the industry.

Data security, logistics issues mainly due to poor road infrastructure, high costs of sustaining internet subscriptions and customer preferences for cash payment on delivery were identified as the major culprits.

“Harnessing the economic potential of this segment requires supporting policies to address a pattern of poor policy implementation. The Buhari-led administration has indicated that development of SMEs will be one of its priorities,” FBN stated.

E-commerce is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet.

- CAJ News


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