November 30, 2022

Newsextra

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Nigeria’s Digital Economy To Make Significant Contribution To GDP

2 min read

Remarkably, the Nigerian digital economy holds immense potential for the overall growth of the economy. As projected by the Minister of State Budget and National Planning, Prince Clem Ikanade Agba, the digital economy would raise the country’s Gross Domestic Product (GDP) to 15 percent by 2025.

While there are so many actors in the digital sphere contributing to make this a reality, the activities of B2B e-commerce companies like Alerzo cannot be overlooked. This group has led in revolutionising the operations of the retail sector across the country, particularly the underserved areas.

By connecting manufacturers and distributors to micro businesses through digital technology, B2B e-commerce companies are making the FMCG supply chain operate more effectively, saving cost, extending reach and safety.

Worthy of note also is the fact that the retail sector worth $100b in itself contributes 50% of the country’s GDP.

With the positive impacts that Alerzo and other e-commerce platforms are making along with other players in the digital sphere, the government and other stakeholders have woken up to the possible contribution of the digital economy to the development of the country. To propel the country towards attaining a vibrant digital economy, the Federal Government unveiled a roadmap in the form of a National Digital Economy Policy and Strategy (NDEPS) 2020 to 2030.

Led by the Ministry of Communication and Digital Economy, government agencies such as National Information Technology Development Agency (NITDA), Nigerian Communication Commission (NCC) have keyed into this, formulating policy directions towards a vibrant digital economy for Nigeria.

However, there is a need for e-commerce platforms to be given more support so as to help this ecosystem of manufacturers, distributors, B2B e-commerce and micro businesses to run profitably and sustainably and consequently increase the contribution to GDP.

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