Fashion Industry’s annual revenue around 2 trillion Naira- Report

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The report of a recently set up Post-Covid-19 Initiative Committee on the Creative Industry headed by Alli Baba is said to have put the annual  revenue of the fashion industry at around 2 trillion. This was made known by the Minister of Information and Culture, Alh. Lai Muhammad in the speech he delivered yesterday at the exhibition, entitled ‘Cycles of Fashion’, which is one of the events organised to celebrate the Diamond Jubilee of the nation. The exhibition is a collaboration between the Federal Ministry of Information and Culture and the preeminent art, culture and lifestyle Centre, Terra Kulture.
 The Fashion exhibition is a series of multimedia exhibitions being hosted by Terra Kulture to explore how our socio-cultural ways have influenced and continued to influence the forging of a national identity from the diverse cultures that make up Nigeria.
The Minister said in his speech that the fashion industry is seriously underrated, especially in its capacity and ability to help advance the government’s economic diversification policy, as well as wealth and job creation.
“While we continue to focus on Music and Film, we tend to ignore or underrate the fashion industry. I guess this is because of the lack of adequate information about the industry,” he said.
He mentioned that the government recently set up a Post-Covid-19 Initiative Committee on the Creative Industry.
According to him, this Committee, headed by Alli Baba, did a great job that has brought to the fore the huge potentials of the Creative Industry.
“According to the report of the Committee, the Fashion Industry’s annual revenue is around 2 trillion Naira.
while the industry comprises about 1,000 businesses that employ over 30,000 practitioners. Compare this with the Film Industry, with an annual revenue of 140 billion Naira or the Music Industry, with an annual revenue of 300 billion Naira, and you will understand how huge the Fashion Industry is,” the Minister stressed.
He further said,
“If we add the Hair and Beauty Industry to the Fashion Industry – since they are natural allies, so to say – we have a mega industry that is worth 3.5 trillion Naira annually (the Hair and Beauty Industry alone brings in 1.52 trillion Naira annually). At 3.5 trillion Naira, these two industries are almost equal or bigger than all the other industries put together, and I am talking of Hospitality, Events and Tourism; Advertising, Radio and Television; Writing, Printing and Publishing; Comedy, Dance and Performing Arts as well as Arts, Design and Photography.”
He also noted that the Ministry has followed up the work of the Alli Baba Committee by setting up an Implementation Committee, headed by Otunba Olusegun Runsewe, Director-General of the National Council for Arts and Culture which will be submitting its report soon.
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