With the likes of the African Fashion Week, The Lagos Fashion Week, GTB
Fashion Weekend and the Nigerian Students Fashion and Design Week, the
African fashion industry has, to say the least, garnered global recognition.
Nigeria hosts about half a dozen fashion events every weekend and their
quality reflects the improvement in the industry.
The National Bureau of Statistics (NBS) has established that the footwear,
apparel and textile sector has had an average growth rate of 17% since 2010.
The global fashion industry is worth over $2.5 trillion with Africa’s share
estimated to be less than 1% of the worth; Nigeria accounting for 15% of that,
totaling a staggering $4.7 billion.
Did that come as a surprise? No, it shouldn’t!
The trendsetters putting Nigeria on the fashion international map are Mai Atafo,
Deola Sagoe, Lisa Folawiyo, to mention but a few. Asides from these top luxury brands,
it must be noted that a greater volume of the brands in the fashion industry in
Nigeria are from the lesser known brands which are closer to the middle class
(23% of the Nigerian population by African Development Bank AfDB) and which
have a higher buying power.
From the foregoing, it is crystal clear that the wealth in the fashion industry
remains yet to be explored. The future is fashion as there is a huge gap in the
textile, footwear, and apparel sector of the Nigerian economy.
Although the industry is still faced with some challenges, the opportunities it
presents outweigh the challenges. The industry is ripe for investments; the
continent’s private sector as well as global investors could not have asked for a
better time to invest.
Overall, investing in a fashion business this year is great. It is a thriving industry
where you will find various tips you can adopt if you are not familiar with
running a business. You certainly will have lots of options to kick start your
brand if you are committed. So, if your investment policies agree, do not hesitate
to invest in the fashion industry!
Unlocking the wealth and potentials of the fashion industry is reserved for a bold
and daring you!