Welcome
to another issue of NaijaInvest. In our last two issues, we talked about the Nigeria
Creative Industry and the opportunities in them. Last week Wednesday, we looked
at the Fashion Industry. I will encourage you to look up the last blog post if
you missed it.
The
Nigerian fashion industry is actually a big deal. There are certain structures
and sectors that make-up a fashion industry; the designers and those involved
in high fashion that cater to consumers. The fashion industry is divided
into the creative and the sales function, that is, design and production on one
side then sales and distribution on the other.
The
market size of the industry in Nigeria in particular is massive. Nigerian market is a consumer market. The
demography of the Nigerian market is approximately 60% of 170,000,000 populations.
This demography leans heavily on youths between the ages of 18 and 45. This
spells market. A smart business investor can carve a niche in any of the
sectors that make up the industry and one of such is the Nigerian textile.
The Nigeria Textile
Industry
The
Nigeria textile sector has been downplayed over the years essentially because
of the revenue pull from the oil and gas sector. The Nigerian textile industry
was notably strong before the 90s. According to a report by Daily Independent,
“the number of textile and garment factories have fallen from 175 in the mid
1990’s to about 25 in 2008 while employment dropped from 137,000 in the 1990’s
to 60,000 in 2002 and further to 24,000 in 2008”. This happened because
attention was shifted from the sector to other sectors like oil and gas, ill
management and most importantly because Nigeria opened its borders to the
importation of foreign textiles. The textile industry which fueled the design
of indigenous fashion in Nigeria experienced its dark ages in the last two
decades.
The Story Today
The
story is different today. The wave of cultural innovation awakened the need to
promote indigenous products. Policies have been put in place to encourage the
exportation of finished goods. This development is a major boost to the
Nigerian textile. It is about to walk tall again with its high up high and
squared shoulder. The trend in fashion among Nigerians today is “Ankara made”
apparels. Typical wardrobe of the Nigerian youth has a touch of Ankara. This
trend reveals the readiness of the market.
Some
of the enabling factors that shines prospect in the industry is the richness of
cotton Nigeria is endowed with. Today, cotton is heavily exported in the
Northern part of Nigeria. This raw material is a major enabling factor that
will boost the textile Industry. In
addition, in 2010, the Federal Government introduced a N100 billion Cotton,
Textile and Garment Revival Scheme, (CTG) managed by BOI. This is another
pointer to the potential of the industry.
The Business
Opportunity
The
Nigeria fashion industry market is not just a mass market; it is also a ready
market. This readiness gives the textile industry a niche to leverage on. To
ensure sustainability of this growing industry that is contributing and has the
potential to contribute even more to the Nigerian economy needs the Textile
industry to solidify it.
Tapping
into the Nigerian textile industry in the 21st century can be like sitting
on a gold mine. It is a budding sector that has the capacity of being the
foundation upon which the Nigerian fashion industry will fly.
The
ground is enabling, the marketing is available and ready. Those that tap into
the sector early enough will have the privilege of the becoming one of the
market leaders, because without mincing word, the textile industry on which the
Nigerian fashion industry will ride on is indeed a big deal.
Wrtten by
Ryta Moemeke
