Segun James The Nigeria and Turkiye furniture and textile market is set to grow from $2 billion to over $6 billion in the next three years. This figure represents over 300 percent growth. This is as former lawmaker, Shina Peller, along with key stakeholders from the furniture and textile sectors have shared insights on how the federal government can foster growth in this crucial sector of the growing real estate market in the country The President of MEEI Program, Martins Arebun, in a paper on the Economic Significance of Furnitue and Textile Sectors on the nation’s economy, disclosed that they also contribute significantly to the national GDP, employment and export.
According to him, while Turkiye is one of the top global exporters of textiles and accounts for over 3.5 percent global exporters, Nigeria along with South Africa and Ethiopia among others are leaders in the production of cotton and wool. Arebun disclosed that Turkiye trade volume within continent exceeded over $40 billion in 2023 and it is growing with the textile and furniture sectors accounting for significant portion.
“Nigeria’s furniture markrt is valued at over $2 billion and it is growing annually with a potential for over 300 percent growth in in the next three years,” he said. Speaking on the Role of Policy, Innovation, Standards, and Etiquette in Boosting Nigeria’s Furniture and Textile Sectors at ongoing Furniture Expo and Exhibition held at the Land Mark Centre, Victoria Island, the founder .
