Prospects of Nigeria’s ICT Infrastructure for E-Commerce and Cashless Economy

Abstract

The contribution of Information and Communication Technology (ICT) to socio-economic growth and development is well-established. Global economies of the 21st century have come to realise that no country can become competitive in terms of trade, industry, manufacturing and service without adopting, deploying, integrating and utilising ICT in various sectors. This paper assessed the level of preparedness of Nigeria for e-commerce using the level of ICT adoption, usage and infrastructure available in the country. Data was sourced from International Telecommunication Unit (ITU) database with a reference period of 13 years (2000 to 2012). The result showed that Nigeria's investment and business prospects in ICT sector have improved over the years and particularly since the deregulation of the sector. The Internet and mobile cellular subscriptions are on the increase and show a great expansion potentials, which the private sector can exploit for further investment and growth of the ICT sector. The paper concluded that ICT policy needs to be fully implemented and public-private sectors collaboration or partnership should be strengthened to facilitate the e-commerce and cashless policy. Also, the spate of cybercrime and internet fraud within the sector must be adequately addressed to encourage young entrepreneurs.