Fashion Brands Account For 37% Of E-Commerce Revenue In Nigeria

The Executive Director, Nigeria Export Promotion Council (NEPC), Dr. Ezra Yakusak has revealed that the fashion sector presently accounts for 37 percent of e-commerce revenues in Nigeria’s economy.
Yakusak said some records available also show that the fashion including textile and footwear sub-sector remains the second-largest contribution to Nigeria’s Gross Domestic Products (GDP) after food, beverages, and tobacco according to the latest Statista 2020 figures.
The NEPC Chief Executive Officer [CEO], said given the present circumstances, the country has no option but to support the growth of its non-oil revenue sector for her economy to recover fast.
Yakusak revealed this recently at the official launch of Agogo Africa in Abuja, a private organization established to expose the African fashion and textile industry to the global market while providing an opportunity for sourcing raw materials and the fashion industry player’s needs in production processes.
He explained that the launch aims to create an innovative e-commerce platform that will connect the creative industry to the International market especially now that more emphasis is being placed on e-commerce around the world.
However, it is no longer in doubt that sectors such as the apparel, garment, arts and craft, cosmetics, and the beauty industry have continued to make tremendous contributions to the growth of the nation’s GDP.
He also said ‘’Available statistics from ecommercedb.com indicates that e-commerce transactions in 2020 were 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 of 23 percent and it is projected to be a $27 trillion industry by the end of this decade’’.
In furtherance of the launch, Yakusak stressed that NEPC is willing to render support to individuals and organizations that present viable services of various sectors all of which forms the basis of its partnership with Agogo Africa to launch a credible platform to onboard fashion and related sectors for trading.
Meanwhile, the Chief Executive Officer of Agogo Africa, Lexy Mojo-Eyes said the launch of Agogo Africa will not only expose Nigeria and Africa’s fashion and textile industry to the global market.
Mojo-Eyes said ‘’We are collaborating with NEPC, DHL, African Union, and other organizations to come out in full to promote and 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’’.