[Trending] Fashion; Taking over Nigeria’s Economy.

Nigeria is currently faced with a nightmare, in what we may generally conclude as her worst progressive  economy recession  of all time, Nevertheless, even with this economy down turn, one will logically agree with me that it is not as bad as it is pictured.

Nigeria’s economy has continually  shown an improved tendency to spring from its slumber, riding on the back of success recorded in some sectors and resurgence of others like manufacturing, which has now beamed light on the importance of the country's fashion industry and the immense opportunities inherent therein.

Investors are being reminded again of the golden opportunity yet to be effectively exploited in the Nigeria’s fashion industry.

Nigerians has shown eagerness to develop her clothing (apparel manufacturing) capacities for some time now, but efforts have been frustrated by dearth of infrastructure, capital and Asia’s domination of the industry globally. 

However, with recent policies enforced by the Federal Government where Make Naija, Bye Naija, Wear Naija, Eat Naija and Be Naija has become the order of the day, Nigeria may have been presented a golden opportunity to ‘reclaim’ its fashion industry and invite long-term investments

Nigeria is home to about 162.5million people (According to the world bank and United state Census Bureau ). Making Nigeria the 8th most populous Nation in the world with over 250 ethnic groups. Although the statistics are interesting, Nigeria fashion industry currently contributes only a small fraction of what it is capable of contributing to the country’s GDP, says Deola Sagoe, a Nigerian designer, who has been a force in the industry for the past 26 years.

iTOUCH design

Nigeria fashion has enjoyed massive media presence in recent times, which means her citizens are now aware of the industry and the capabilities of its designers. Several designers from the continent today featuring in international fashion shows are Nigerians. Fashionistas around the world and prospective investors alike are now handed the opportunity to see Nigerian creativity first-hand.



The success of some Nigerian designers on the international scene has shown the world that given the right investment, Nigerian designers can compete on the world stage. Investors sure have been watching the industry for a while and have watched it grow this much; it's proper to say now is the time to invest.

Large Population, Large Market



There are 1.2 billion people in Africa, 162.5million are Nigerians according to UNICEF. The UN agency also estimates the population of the continent to be 2 billion by 2050 and 4 billion by 2100, owning to our statistical knowledge, that will present us with about 270.8 million and 541.7 million  Nigerians in both years respectively. This large market size presents a great opportunity for investors to leverage on. Fashion brands with the right marketing strategy and the creative acumen have a huge market they can sell to.

Also, about 33million people in Nigerians are aged between 15 and 24 (the youth bracket), according to the index mundi, making Nigeria the continent with the youngest population in Africa. This is expected to grow continually as years roll pass.

Nigeria will therefore have the largest labour force in Africa in the next 3-4 decades, filled with youths who can sustain the fashion industry

.......If there is any time to invest in the industry it is now.

With the recent visit of Mack Zuckerberg the CEO of Facebook to Nigeria, it can be clearly mirrored that Nigerians make use of Facebook more than any country in Africa, not to mention the world at large

It only shows that young Nigerians use social media and text to communicate and stay connected. Through the help of social mediums like Instagram, Whatssap, Twitter, and Facebook to mention but a few, these groups of young people who tend to have hundreds of followers are able to instantly communicate the latest fashion trends worldwide drawing attention to the fashion industry in Nigeria.

The fashion industry has come of age, but dearth of investments has slowed growth. With its immense potentials, opportunities abound for investors to exploit, creating empowerment for the youths which inturn will cast a light on unemployment.

“There are huge opportunities for investments spanning everything from technical know-how to production and on to investment in growing brands and companies,” said Alemu.

Kola Kuddus, Creative Director/CEO of Kola Kuddus Couture and Lagos State Co-ordinator for the Fashion Designers Association of Nigeria (FADAN) said Small and Medium Scale Enterprises (SMEs) make up 90 percent of Africa’s fashion industry, most of who are talented and whose growth has been hampered by lack of capital.

The first investors to take Africa’s fashion industry seriously are most likely going to be the biggest gainers of the industry’s growth potentials. There will be little or no competition and hence there will be unprecedented revenue growth in the industry.

With the Federal Government’s new policy; to bye made in Nigeria products, it is enough to say that there's light at the end of the tunnel.


                                                 
                                    

by Itheunmah Osikwemeh