By Merit Ibe
The Lagos Chamber of Commerce and Industry (LCCI) has launched its e-commerce sectoral group to support the development of private enterprises in various sectors of the economy by exposing their products to larger market base. At the virtual e-commerce inaugural ceremony, President of LCCI, Mrs Toki Mabogunje, said the group would boost investors’ confidence in the Chamber’s advocacy activities aimed at developing private enterprises.
Mabogunje, represented by Dr. Michael Olawale-Cole, deputy president, LCCI, said the E-commerce sector had witnessed significant growth in recent years on the backdrop of strong market fundamentals and renewed forces of globalisation.
She noted 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 most of sub-Saharan Africa. In spite of the impressive growth, she noted that there existed huge untapped potential 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.
“We acknowledge the appreciable efforts of the Federal Government to support the development of the sector.
“This was demonstrated by enactment of Cybercrime Bill 2015 as a legal framework for prohibiting and prevent fraud in electronic commerce. “The overarching goal of the law is to protect e-business transactions, company copyrights, domain names and other electronic signatures in relation to electronic transactions in Nigeria.