Kehinde Fajobi
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has revealed that Nigeria’s eCommerce fashion market is projected to reach $423 million by 2024.
Speaking at the unveiling of the Nigerian Export Promotion Council’s (NEPC) Export Skills Acquisition Centre in Lagos on Friday, the minister noted that the sector’s growth is expected to represent 19% of the nation’s total eCommerce market.
Dr. Uzoka-Anite highlighted that the market is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 8.2% over the next four years, potentially reaching a value of $579.9 million by 2028.
She encouraged Nigerian exporters to capitalise on opportunities within the booming eCommerce fashion sector to boost the country’s Gross Domestic Product (GDP).
“The eCommerce fashion sector presents significant opportunities for boosting Nigeria’s GDP. Exporters should seize this moment to enhance their contributions to the economy,” she said.
The event, which focused on Africa’s young and rapidly growing population, was a platform to discuss how Nigeria could leverage the African Continental Free Trade Area (AfCFTA) and the rising consumer demand for locally made fashion products, particularly among the continent’s youth and middle class.
“With Africa’s young population set to double by 2050, and more than a third of the world’s youth expected to reside in Africa, there is no better time to launch this project. The African fashion industry is valued at $31 billion, accounting for 1.2% of the global fashion market, which is worth $2.5 trillion,” she explained.
Dr. Uzoka-Anite also acknowledged the challenges facing African fashion brands, citing factors that prevent them from achieving the same level of success as their Western counterparts.
The minister reiterated the federal government’s commitment to supporting the growth of Nigeria’s export sector, particularly through initiatives like the newly established Export Skills Acquisition Centre (ESAC).
“This centre will provide training to equip youth, entrepreneurs, and small business owners with the skills and knowledge necessary to compete globally,” she said.
According to Dr. Uzoka-Anite, the centre will offer specialised training in areas such as product development, quality control, international trade regulations, logistics, marketing, and digital skills. She emphasised that these programmes are designed to meet international standards and enhance the competitiveness of Nigerian products in the global market.
“Through this initiative, we aim to create a new generation of exporters who are innovative and prepared to meet international trade demands,” she added.
The minister stressed the importance of investing in people to ensure the future of Nigeria’s economy and underscored the government’s efforts to diversify the economy by promoting exports. She explained that the skills acquired at the centre would have a ripple effect, benefiting various sectors such as agriculture, manufacturing, and services.
“Our vision is to see Nigerian-made products proudly displayed on store shelves across the world, showcasing the quality and craftsmanship our nation is known for,” she stated.
Also speaking at the event, NEPC Executive Director and Chief Executive Officer Nonye Ayeni said that the centre would enhance the quality of Nigerian exports. She predicted that the global Bags & Accessories eCommerce market is expected to reach $228.2 billion by 2024, with further growth projected through 2028.
Ayeni added, “As a sub-market, Bags & Accessories account for 18.2% of the global fashion market, which is valued at $1.7 trillion in 2023, contributing about 2% to the global GDP. This highlights the sector’s economic significance.”
She concluded by emphasising the role of ESAC in boosting non-oil exports and fostering a culture of entrepreneurship among Nigerians, particularly youth and women.