Conversations about Nigeria’s fashion industry tend to focus on the luxury market segments, ignoring thousands of mid-market & low- market segment brands in the industry.
This value segment serves by far the largest number of people, and sell millions of units a month.
The Mid & Low market segments are essential in the Nigeria’s market; according to Mckinsey, 55% of Nigerians are price conscious. Nevertheless, society remains aspirational, explaining why as much as 44% treat themselves to more expensive items.
How big is the Nigerian fashion Industry?
Within a decade, Nigeria’s 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 annual growth of 17% since 2010. This rise has been fuelled by an increase in demand but also partly by unprecedented initiatives that continue to edge Nigeria into the global fashion consciousness. Events such as Source Textile and Apparel have championed this movement through their anticipated annual runway shows and incubator-style techniques used to grow brands.
The global 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 25% of that.