The CEO, Solomon Hunt Limited, Tobenna Okoli, on Monday highlighted the ‘astronomical’ growth E-commerce has experienced in the country, particularly in the late 2000’s.
While speaking on Business Morning, Mr Okoli explained that e-commerce began in the country as a result of people buying and selling goods and services via telephone. However, it did not gain prominence until the the late 2000’s when Nigerians completely embraced the internet.
“Growth in E-commerce practitioners in the country has been astronomical” he said adding that “as at the end of 2012, I read reports that they have done over 75 billion in transactions.
Definitely, that is economic activity”.
The business will increase even further as “in 2015, it is projected to go up to a N150 billion.”
He highlighted the role of social media in e-commerce adding that internet access has “led to e-commerce skyrocketing”.
He further commended those “who were brave enough to go into the business” which is now attracting funding from investors outside the country.
He also mentioned corruption as one of the challenges of the business.
