The potential for e-commerce in Nigeria is huge, yet the field is largely untapped. The lack of infrastructure argument is dated, considering the current level of internet penetration in Nigeria, with millions of Nigerians holding Facebook accounts.

So what is really the problem? A local manifestation of the image problem Nigeria has abroad? Absence of physical contact between vendors and buyers? Weak regulatory oversight and contract enforcement procedures?

Our company recently lunched a really useful e-commerce service (www.circuitatlantic.com). This service connects any Nigerian with a legal tender to the US online market. It creates a channel for Nigerians who are literally shut out from international e-commerce to enjoy the option of low prices and purchasing from a vast array of products, including shopping on Ebay and Amazon - the largest markets in the world. Yet we found that the second highest search query supplied by users in relation to the site is: "is circuitatlantic.com a fraud?" Several users have walked into our Lagos office just to make sure we are real and even more have called in from around the country for verification.

16 years after Amazon's launch, we expect to be further ahead. What is the way out of this quagmire?