Nigeria's cashless policy is expected to expand electronic commerce sector to $13 billion (N2.5 trillion) in value.
The Central Bank of Nigeria's cashless policy is expected to drive electronic commerce sector to $13 billion (N2.5 trillion) in value.
The Director-General, Lagos Chamber of Commerce and Industry, LCCI, Muda Yusuf, who made this known, stated that this was expected as more Nigerians patronize online retail platforms as a result of the CBN's cashless policy and the Federal Government’s National Broadband Policy (NBP) 2013-2018.
He noted that the country’s economic development will also have an impact on the growth of e-commerce, adding that more and more people, including retailers, branding partners and delivery companies, are attracted by online trade.
Yusuf said: “The e-commerce sector would reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach."
“The electronic commerce sector would improve the effectiveness of monetary policy in managing inflation and driving economic growth as it boosted by an efficient and modern payment system, which is positively correlated with economic development, and is a key enabler for economic growth”.