In a recent update to a 2019 report, Nigeria’s growing fashion industry has been appraised at approximately $4.7 billion, constituting 15% of the overall Sub-Saharan market value, estimated at $31 billion, according to data from Euromonitor.
As the “textile, apparel, and footwear” sector experiences substantial growth, propelled by increasing demand and forward-thinking initiatives such as Lagos Fashion Week and GTCo Fashion Week, Lagos has emerged as a pivotal hub for the Nigerian Fashion Industry.
In the first half of 2023, the sector played a significant role in the manufacturing landscape, contributing N2.76 trillion, accounting for 17.7% of the total manufacturing value, and an impressive 51.2% of the overall value generated, reaching a total of N5.4 trillion for the year.
Harnessing the power of social media, Nigerian fashion has gained global prominence, spotlighting innovation and creativity that cements its standing in the African fashion arena.
Despite encountering challenges, Nairametrics anticipates that by the end of 2023, the Nigerian fashion industry will spearhead Africa’s fashion exports This projection aligns with the sector’s growing influence on the global stage, with Africa’s fashion exports commanding a substantial $15.5 billion valuation.
The industry is poised to assert itself as a frontrunner, driven by an escalating global demand for authentically crafted “Made in Africa” designs. Underscored by UNESCO’s recent report on Africa’s potential to take the lead in shaping the global fashion landscape.
Amidst a myriad of opportunities within the sector, a group of CEOs assumes a pivotal role, garnering international attention and elevating the market with distinctive “Made in Nigeria” offerings.
These seasoned leaders, boasting a decade-long presence, significant growth impact, and noteworthy contributions to the national GDP, stand out as some of the key architects propelling Nigeria’s…
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