The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, has stated that Nigeria’s eCommerce fashion market is projected to hit $423m by 2024. She made this known at the unveiling of the Nigerian Export Promotion Council’s Export Skills Acquisition Centre in Lagos on Friday.
According to her, the $423m represents 19 per cent of the total e-commerce market in Nigeria. She said the eCommerce fashion market is also expected 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 2028. She, however, urged exporters to take advantage of the opportunities offered by the eCommerce fashion sector to boost the nation’s Gross Domestic Product. She noted that the event focuses on Africa’s young population of 1.
3 billion people which is set to double by 2050, adding that the United Nations estimates that more than a third of the world’s young people will live in Africa. “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. “Th.