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.

President, LCCI, Mrs Toki Mabogunje stated this at the virtual e-commerce inaugural ceremony. According to her, the group would boost investors’ confidence in the Chamber’s advocacy activities aimed at developing private enterprises.

Mabogunje, represented by deputy president, LCCI, Dr. Michael Olawale-Cole, 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.

The LCCI president, however, noted that in spite of 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.

“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,” she said.

She said, “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.

“Though the law has given some level of comfort to consumers, businesses and investors need to do more to ensure protection of transactions and contracts.

“The purpose of establishing this group is to give the investors in the sector a more prominent recognition in our evidenced-based advocacy to canvass for enabling environment for the e-commerce sector.”

Also, LCCI vice president, Mrs Mojisola Bakare, stated that the launching of the group was significant and timely against the backdrop of the lockdown and restrictions on physical congregation induced by COVID-19.

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