Nigeria and the need to harness the fashion industry
NEWS DIGEST – The fashion industry is one of the most developing industry in Nigeria. A country of over two hundred million persons.
The fashion industry contains majorly; clothing industry, shoe, leather among others.
It was noted earlier this year that the Fashion industry accounted for 37% of the e-commerce revenue in Nigeria. In 2019, the Central bank of Nigeria noted that the textile industry can create 2 million jobs while saving the country another $4 billion import bills.
In 2020, the minister of information and culture, Lai Mohammed noted that the Fashion industry in the country raked in around N2 trillion annually.
Data platform, Statista noted that the growth rate of the Fashion industry in Nigeria is projected to be around 14.09% in terms of revenue with a projected market volume of $2.90 billion by 2027.
There are expected 83.8 million users expected for the fashion industry by 2027, according to statista.
These details brings to the fore the importance of the fashion industry to Nigeria’s development.
It also annexes the fact that Nigeria can also solve its employment challenges, with its unemployment rate put at 33.3%, through the Fashion industry.
However Technology can play a critical role in Nigeria achieving this, for instance, a report by Statista noted that as at 2020, there were 76.7 million online shoppers in the country, meaning that many persons are now looking for a way to get what they need online.
The fashion industry is also not excluded from these, it would mean that if more Nigerians will need fashion wears and attires, if more Nigerians go online to look for their favorite fashion brands and delivery, there will be jobs opening in the fashion industry of the country.
These data and figure may be an ample opportunity for stakeholders and government to look at strategies of harnessing the potentials of the fashion industry of the country.
Nigeria can learn from France where the Fashion industry accounts for 2.7% of its gross domestic product with over one million jobs in total created.
It is more keen given that Nigeria can even have more potentials on creation of opportunities for fashion on the technology age especially given its population, potentials and switch towards technology.
Victoria Yusuf is the Creative Director at Lexi Vee’s Fashion Empire, she writes from Abuja, Nigeria and can be reached via email on [email protected]