Nigeria bleeds $3bn annually on imported ankara fabrics, Says minister
October 21, 2024317 views0 comments
Business a.m.
Hannatu Musawa, the minister of Art, Culture, and Creative Economy in Nigeria, has disclosed that the country is losing approximately $3 billion annually due to the importation of Ankara fabrics.
Although the colorful, wax-printed textile is popular in West and Central Africa, almost 90 percent of it is produced outside the continent, the minister stated.
Musawa delivered the disclosure while participating in the Creative Africa Nexus Weekend (CANEX WKND) 2024 in Algiers.
In her address, the minister highlighted the need to boost Africa’s fashion and textile industry, particularly considering the potential of this sector, especially given that the global fashion industry is estimated to be worth $2.5 trillion.
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Musawa emphasised that Nigeria’s fashion industry has a significant economic contribution, accounting for about $6.1 billion of the country’s GDP.
“We must reclaim our fashion narrative by strengthening local production capacities and ensuring that the benefits of this vibrant industry remain within our borders.
“Fashion is far more than a form of expression; it is an economic powerhouse,” the minister said.
In response to the challenges facing the African fashion and textile industry, Minister Hannatu Musawa outlined several initiatives being undertaken by the Ministry of Art, Culture, and Creative Economy. These include establishing manufacturing hubs and providing training programs in craftsmanship, which form part of the Design Nexus and Destination 2030 initiative. This initiative is aimed at positioning Nigeria’s arts, culture, and creative economy as a global leader by 2030.
Musawa pointed out that Africa’s fashion industry is expected to experience significant growth, reaching an estimated value of $15.5 billion by 2025.
However, the minister observed that there are structural obstacles hindering local production that must be addressed in order to fully capitalise on this potential.
According to her, by investing in infrastructure, training, and support for local fashion businesses, Africa can become a global fashion hub, creating millions of jobs and driving economic growth.