The fashion industry in Nigeria plays an important cultural role and contributes significantly to the country's economy. Many of the component cultures of Nigeria dress in ways that are unique to their tribal society and customs.
However, with the recent increase in western-style clothing, the fashion industry is fast changing its face.
According to Wikipedia, worldwide, the fashion industry is worth over $2.5 trillion, with Africa's share estimated at less than 1% of that total.
Meanwhile, Euromonitor suggests that the Sub-Saharan fashion market is worth $31 billion, with Nigeria accounting for 15% of the $31 billion ($4.7 billion). This shows the huge potential the Nigerian fashion industry has to attract investors.
Patricia, Africa’s largest Bitcoin trading company is at the forefront of investing in Nigeria's fashion industry. The company recently announced an investment of $1,500,000 in urban streetwear fashion brand Rooomxix, to facilitate its nationwide expansion.
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Patricia and Rooomxix, have been in conversation since 2019 and have had a few collaborations in the past.
However, this further deepened the partnership where the CEO of Patricia Fejiro Hanu Agbodje mentioned:
“The fashion industry, especially the high streetwear niche holds untapped opportunities for brands like Rooomxix. This new funding will allow Rooomxix to ramp up its expansion plans in Nigeria, delving deep into technology, expanding inventory for the online stores to service Africa.”
On the 9th of April 2021, Gbenga Adeyefa (CEO) & Fortune Spurgeon (Creative Director), the minds behind the brand, in a meeting with the Patricia CEO, reached an agreement for this financial commitment.
Gbenga Adeyefa, the C.E.O of Rooomxix, had this to say:
“Our confidence in securing this new financing is backed up by budding industry and enormous potential that lies in streetwear not just in Nigeria but in Africa at large. Our goal is to accelerate Africa's transition into the global fashion scene through high street wears...”
Rooomxix is a retail streetwear fashion brand, and has been in business since July 2018, with a focus on redefining street fashion in Africa and ensuring that high street fashion lovers are not at the mercy of shipping constraints when shopping for themselves. The brand is set to make high streetwear more affordable and easily accessible on the continent.
It is worthy of note that these days, conversations about Nigeria’s fashion industry tend to focus on the luxury and mid-market segments, ignoring thousands of value brands that represent a large volume of the industry.
In the last 10 years, the Nigerian fashion industry has grown in size and sophistication, attracting global attention.
Going by GDP data from the National Bureau of Statistics (NBS),
“The textile, apparel, and footwear sector has averaged a growth of 17% since 2010. This rise has been fueled by an increase in demand but also partly by unprecedented initiatives that continue to edge Nigeria into the global fashion consciousness, according to stearsng.com.”
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The fashion industry in Nigeria has an incredible chance at growth if managed strategically. More so, if the industry is invested purposefully and sustainably, it has incredible potential to empower many individuals and businesses, drive technological growth and in the long run, vastly improve the Nigerian economy.