Africa’s economy has continued growing rapidly riding on the back of success recorded in some sectors and resurgence of others like manufacturing, which has now beamed light on the importance of the continent’s fashion industry and the immense opportunities inherent therein.
Investors are being reminded again at the African Fashion Week New York of the golden opportunity yet to be effectively exploited in the continent’s fashion industry.
The continent has shown eagerness to develop its clothing (apparel manufacturing) capacities for some time now, but efforts have been frustrated by dearth of infrastructure, capital and Asia’s domination of the industry globally. However, with cost of production rising in China, Africa may have been presented a golden opportunity to ‘reclaim’ its fashion industry and invite long-term investments.
Africa’s Fashion Industry Showing Growth Potentials
Africa is home to seven of the fastest growing economies in the world and about 70 percent of the continent’s population live in countries that have experienced average growth in excess of 4 percent over the past decade. Although the statistics are interesting, African fashion industry currently contributes only a small fraction of what it is capable of contributing to the continent’s GDP, says Deola Sagoe, a Nigerian designer, who has been a force in the industry for the past 25 years.
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