The Lagos Chamber of Commerce and Industry (LCCI) has launched its e-commerce sectorial group to support the development of private enterprises in various sectors of the economy.
This is expected to boost investors’ confidence in the Chamber’s advocacy activities aimed at developing private enterprises.
Toki Mabogunje, president, LCCI, said during the virtual inaugural ceremony of the e-commerce cluster on Friday, that the private sector was currently facilitated by emerging digital technology, supportive of content creation, distribution, and consumption, and a growing middle class in Nigeria and also Africa.
Mabogunje, represented by Michael Olawale-Cole, deputy president, LCCI, said that the e-commerce sector had witnessed significant growth in recent years on the backdrop of strong market fundamentals and renewed forces of globalisation, however, despite the impressive growth, there existed huge untapped potentials in the sector.
“To unlock these inherent opportunities, critical issues such as weak digital infrastructure, intellectual property rights, and high-cost conditions and regulatory constraints must be addressed.
Though the law has given some level of comfort to consumers, businesses and investors need to do more to ensure the protection of transactions and contracts.” she said.
Mojisola Bakare, vice president, LCCI stated that e-commerce, as an offshoot of general commerce, was pivotal to value chain activities across all sectors, as it facilitated private enterprise development and remained the catalyst for sustainable commercial and economic growth.
She added that the pandemic had enhanced the electronic initiation and conduct of business activities with the use of several emerging digital trading and financial platforms.
Bakare emphasised the need for businesses, especially micro, small and medium enterprises (MSMEs), to leverage e-commerce as a route to market and competitive advantage in view of operationalising the Africa Continental Free Trade Area (AfCFTA).
She also said that the Economic Commission for Africa has identified e-commerce as one of the four areas in Africa to best advance social and economic development.
“This assertion underscores the need to deepen the development of e-commerce ecosystem for better outcomes in terms of Business-to-Business integration, Business-to-Consumer facilitation, E-commerce Intellectual Property Rights among others.”
This platform has been created for cross-fertilisation of ideas among the e-commerce actors and industry players to aggregate issues that the LCCI will advocate for market-oriented reforms, policies, and interventions. It will also provide networking opportunities and linkages for growth across the value chain,” she said.
Juliet Anammah, chairperson, Jumia Nigeria, and the inaugural chairperson, e-commerce group LCCI, noted the importance for players in the sector to work together to attract the government’s attention to the needs of the sector.
Anammah, represented by Seyi Oni, head, Legal Group, Jumia Nigeria said a move such as this would ensure governmental provisions with regards to addressing regulatory affairs leading to a more conducive business environment.
