CEM REPORT | Nigeria Export Promotion Council (NEPC), says the Nigerian Fashion Sector is the second largest contributor to Nigeria’s Gross Domestic Products (GDP).
The sector presently accounts for 37 percent e-commerce revenues and 42 percent global growth rate yearly.
This is according to the Executive Director, Nigeria Export Promotion Council (NEPC), Dr. Ezra Yakusak.
He said according to latest Statistics (2020 figures), fashion including textile and footwear, apparel, garment, arts and craft, cosmetics and the beauty sub-sectors have continued to make tremendous contributions to the growth of the nation’s GDP after food, beverages and tobacco, Guardian exports.
He noted that as such the government is left with no choice but to support the sector as a means of revenue away from oil.
‘’Available statistics from ecommercedb.com indicates that e-commerce transactions in 2020 was over $5 billion, presently, it is ranked 35th largest market for e-commerce globally with yearly record growth of 42 percent.
‘’As of today, e-commerce is one of the fastest growing industries in the global economy, with yearly estimated growth at 23 per cent and it is projected to be a $27 trillion industry by the end of this decade’’.
Yakusak speaking at the official launch of Agogo Africa in Abuja stated that NEPC is will support individuals and organizations that present viable services within he sector.
He added that the council is partnering with Agogo Africa to launch a credible platform to onboard fashion and related sectors for trading.
The Chief Executive Officer of Agogo Africa, Lexy Mojo-Eyes said the launch of Agogo Africa will further expose Nigeria and Africa’s fashion and textile industry, adding that it will also increase foreign exchange n the country.
‘’We are collaborating with NEPC, DHL, African Union, and other organizations to come out in full to promote, expose Africa fashion to the outside world that will further increase Foreign Exchange for the people of Africa and create massive jobs for the people’’.
Agogo Africa is a private organization established to expose the African fashion and textile industry to the global market while providing an opportunity for sourcing for raw materials the fashion industry player’s need in production processes.