Federal Government through the Ministry of Industry, Trade and Investment, says that Nigeria’s eCommerce fashion market will yield revenue returns of $423m by the end of 2024.
Dr. Doris Uzoka-Anite, the minister of Industry, Trade and Investment made this known to the public at the launch and unveiling of the Nigerian Export Promotion Council’s Export Skills Acquisition Centre in Lagos today Friday, the 18th of October, 2024.
The Trade minister stated that, the $423m represents 19 per cent of the total e-commerce market in the country.
She further stated that the eCommerce fashion market is projected to increase at a Compound Annual Growth Rate for the next four years, representing 8.2 per cent, and a projected market volume of $579.9m by the end of 2028.
Dr. Doris Uzoka-Anite, also urged exporters to take good advantage of the opportunities made available by the eCommerce fashion sector to boost the nation’s Gross Domestic Product.
The minister pointed out that, the event will focus on Africa’s young population of 1.3 billion people which is set to double by the year 2050, stressing that the United Nations estimates that more than a third of the world’s young people live in Africa.
In her words, she said: "With the opportunities offered by the African Continental Free Trade Area coupled with the growing consumer trend on the continent for Made in Africa fashion, particularly among young people and the growing urban middle class who make up more than 35 per cent of the population, there is no better time to kick-start this noble project than now.
“Reports have disclosed that the African fashion industry is estimated to be worth $31bn, while the global fashion industry is estimated to be worth $2.5 trillion"
“This means that Africa’s fashion industry currently accounts for about 1.2 per cent of the global fashion market"
“However, the sector continues to face some challenges that inhibit African fashion houses and designers from the unparalleled success enjoyed by their Western counterparts,” she said
She also gave assurance on the establishment of the center, triggered by the federal government’s commitment to tackling some of the fundamental challenges that have hindered Nigeria’s export growth.
“We have always known that the key to unlocking our nation’s potential lies in equipping our citizens with the skills and knowledge needed to compete on a global scale.
“This centre is a response to that need, providing training that will empower our youth, entrepreneurs, and small business owners with the tools necessary for success in the export sector,” she said.
The minister mentioned that, the ministry was in line with the Industrial Re-vitalization Plan and is working towards ensuring that the youth and women in Nigeria realize their full potential through the acquisition of the requisite skills and techniques for the export of quality products to the global market scale.
The Exports Skill Acquisition Centre will deliver specialized training programmes that cover a wide range of export-related skills, including product development, quality control, international trade regulations, logistics, marketing, and digital skills.
“Through this initiative, we aim to create a new generation of exporters who are knowledgeable, innovative, and prepared to meet the demands of international trade.
“We believe that by investing in our people, we are investing in the future of our economy. This centre will serve as a platform for individuals to turn their ideas into viable businesses, enabling them to tap into the vast opportunities that the export market has to offer.
“As we look to diversify our economy and reduce reliance on a single sector, export promotion has become a strategic priority. The centre will play a vital role in achieving this goal by addressing the skills gap that currently exists within the export sector.
“By equipping our citizens with the necessary expertise, we will be able to scale up the production of goods and services for export, thus generating more foreign exchange, creating jobs, and reducing poverty" she said.
The Trade minister further predicted that, the global Bags & Accessories e-commerce market is expected to increase over the next four years, maintaining that reports show it will reach US$228,209.5m by 2024 and 7.7 per cent at a Compound Annual Growth Rate for the next four years 2024-2028.
“As a sub-market, it accounts for 18.2 per cent of the global fashion market. Specifically, the global fashion industry boasts a staggering valuation of $1.7 tn for the year 2023 contributing about 2 per cent to the global Gross Domestic Product, thus laying credence to its economic impact on global trade" she said.
