top of page

Nigeria's Economy Suffers $3 Billion Loss Every Year Due to Imported Ankara Fabrics - Minister Confirms

Esther

Hannatu Musawa, the Minister of Art, Culture, and Creative Economy, recently highlighted a major economic challenge facing Nigeria. She revealed that the country incurs an annual loss of $3 billion due to the importation of Ankara fabrics, a popular wax print in West and Central Africa.


This issue was discussed at the Creative Africa Nexus Weekend (CANEX WKND) 2024 held in Algiers.

Musawa emphasized the irony of this situation, noting that despite Ankara's deep cultural roots in Africa, "nearly 90 percent of the Ankara consumed on our continent is imported." This reliance on foreign manufacturers not only drains the local economy but also undermines the potential for domestic production.


The minister called for a strategic shift to empower Africa's fashion and textile ecosystem. She advocated for strengthening local production capacities to ensure that the benefits of this vibrant industry remain within African borders.


Musawa pointed out that the global fashion industry is valued at approximately $2.5 trillion, with Nigeria's fashion sector contributing around $6.1 billion to its GDP. By expanding local production, she argued, Africa could position itself as a global hub for fashion, creating millions of jobs, particularly for women and youth.


To address these challenges, Musawa announced initiatives such as establishing manufacturing hubs and craftsmanship training programs under the design nexus and destination 2030 initiative. These efforts aim to protect and promote Africa's traditional techniques, textiles, and designs while updating intellectual property laws to prevent exploitation of cultural treasures.




 
 
 

Comments


KEEPING YOU UPDATED

© ICMNEWS: 2020-2024

bottom of page