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By Maduka Nweke
Nigeria’s e-commerce industry is on course to exceed $16 billion by 2030, according to experts who spoke at the 35th Annual Conference of the Finance Correspondents Association of Nigeria (FICAN) held in Lagos over the weekend.
Themed: “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance”, the event brought together representatives from the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), leading banks, and academics from the Lagos Business School (LBS), among others.
Quoting the Nigerian Communications Commission (NCC) 2024 report, panelists noted that internet penetration has reached 43.5 per cent, with more than 163 million Nigerians online as of March 2024. They also highlighted that the telecommunications sector contributes between 18–20 per cent of GDP, underscoring ICT’s growing role as an economic driver.
Representing the Dean of LBS, Prof. Olayinka David-West, his colleague Prof. Akintola Owolabi described the digital shift as transformative.
“This digital revolution transcends statistics; it reshapes commerce, services, and livelihoods. Our burgeoning e-commerce market, projected to exceed $16 billion by 2030, is fuelled by trailblazing platforms like Jumia and Konga,” he said.
David-West also emphasised that digital payments and mobile money services are helping to formalise Nigeria’s vast informal economy, improve tax compliance, and integrate more businesses into the financial system.
Backing this point, he noted: “The ICT sector contributed 18.3 per cent to GDP in Q2 2025, while digital payments exceeded N600 trillion in the first half of the year — a 22 per cent year-on-year rise. Mobile money usage has surpassed $73 million, extending services into rural communities that were once excluded.”
Joyce Onyegbule, Head of Corporate Communications at the Nigeria Sovereign Investment Authority (NSIA), highlighted logistics startups like Kwik and GIGL as examples of how digital innovation is creating new value chains.
“Such developments promise exponential employment, diversification from oil, and transformative service delivery across sectors,” she said.
Onyegbule also stressed fintech’s role as both a driver and beneficiary of this revolution, noting that Nigeria’s fintech ecosystem attracted $2 billion in 2024 alone.
“Leading banks like Access and GTBank are already deploying AI and machine learning to detect fraud, personalise services, and optimise credit scoring,” she added.
However, she cautioned that challenges remain — from unreliable electricity and poor broadband access to a shortage of digital skills.
“Regulators must strike a balance between fostering innovation and protecting consumers amid rapid change,” she warned.
FICAN Chairman, Mr. Chima Titus, closed by stressing the urgency of embracing digital transformation.
“Globally, the digital economy has become a critical backbone of modern growth. In Nigeria, we stand on the brink of a major transformation driven by data, digital payments, artificial intelligence, and cross-border innovation,” he said.
