‘How fashion industry can boost Nigeria’s economy’

Tell us about the #HeinekenLFDW Fashion Business Series?  What are it’s aims and objectives?  #HeinekenLFDW Fashion Business Series is a platform created by Style House Files to facilitate conversations with key players from the Nigerian and international fashion industry as a useful tool for exchanging ideas, networking and developing the fashion industry. The Nigerian fashion and retail industry is still in infancy and lacking in proper structure. At Style House Files, we believe that by creating an agenda of the most pressing issues faced by the fashion industry, and then inviting thought leaders to share their perspective, we can gradually begin to develop a semblance of structure for creating sustainable change in the industry. Our goal is to effectively capture, engage and connect with a diverse demographic of industry players, contributors, stake holders, fashion cognoscenti, policy makers and potential investors; using Fashion Business Series as a useful tool of engagement.

Expectations this year for  the #HeinekenLFDW Fashion Business Series?

Our expectations are to directly engage with the business community and relevant government stakeholders to foster collaboration.  Fashion is a business and a viable investment opportunity; the industry ought to be taken seriously. So our expectation is really for fashion designers and other members of the fashion value chain to be given a seat at the table of Nigeria’s economic future
Speakers this year?

We are very proud of our speakers this year; it represents a cross section of sectors and industries that will play a role in the future growth of the fashion industry:

The MD of BOI – Rasheed Olaoluwa to discuss the recently launched fashion fund and other opportunities for growth
The CEO of Nigerian Export Promotion Council  -Segun Awolowo to discuss how NEPC can facilitate export opportunities for fashion entrepreneurs
Former Commissioner of Commerce (Osun State) Hon Ismail Adekunle Jaiyeoba who invested heavily in the garment manufacturing sector during his tenure General Managers of Nigerian Textiles Employers Association Mr Kwajaffa who will facilitate discussion on the value chain of fashion and how it positively impacts the textiles industry
Vice President, Sales & Marketing at ANAP Business Jets Limited (ANAP Jets) Gbemi Abudu who has a solid background in fashion houses such as Louis Vuitton Moet Hennessy.  She will be taking us through the intricacies of the Fashion Value Chain.
We are also fortunate to have Sterling Bank’s Abubakar Suleiman – ED, Strategy and Finance, Omolara Akinfolarin – Head, MSME Banking Unit to discuss the various aspects and opportunities of financing the fashion industry
There are many more speakers of this calibre who will be sharing their experience and knowledge on the development of the fashion sector

Why is this seminar important?

Why? It is quite simple – diversification is critical to our survival as a country. Oil cannot sustain us anymore. We must look to other industries such as agriculture, mining, transportation, and real estate and of course fashion. It is not just about designers and fashion shows. Fashion can be used as a tool to solve unemployment. Increased investment will create jobs such as tailors, pattern cutters, sales assistants, stylists and more. It will benefit all starting from the working class right to the top. However this will not happen overnight so conversations and plans need to start immediately. We need a roadmap as to how this will happen. The Fashion Business Series will serve as a catalyst and platform for this industry’s transformation. We are bringing together creative, the business community and government parastatals to start this process.

Do you think the Nigerian Fashion Industry can become a major player in the Nigerian economy, how so? What initiatives and funding needs to be put in play to see this happen?

Globally the fashion industry is worth $1trillion dollars, imagine if we could tap into one per-cent of that figure? With adequate investment, skills training and favourable government policies the Nigerian Fashion Industry can significantly add to the countries GDP. Funding initiatives have begun; two months ago, the Bank of Industry launched a fashion fund with a very favourable single digit interest rate, which is historic. This is a step in the right direction and based on the pulse of the current government administration there may well be policies to help creative entrepreneurs.

The most important element for fashion to be a major player in the Nigerian economy is solidarity, all relevant stakeholders have to work together. No one entity can single-handedly fix the fashion industry.

Who can gain from this seminar?

If you work in the fashion industry this event is for you. However if you are in the creative space, maybe you are a filmmaker or a graphic designer or photographer or in the music industry this may help give you ideas on how to improve your business operations. Our sponsor, the Bank of Industry,  has a variety of initiatives for different sectors so it is worthwhile attending. Also our other sponsor Sterling Bank has a variety of products for Small to Medium Enterprises across sectors.

What is to be gained from this seminar?

Attendees will leave with a deeper knowledge of the fashion industry. They will also be made aware of opportunities to increase revenue. Therefore attendees will gain invaluable insight and clarity on the industry.

How do I attend this seminar?

Attendance is free but to attend you must RSVP to fbs@lagosfashionanddesignweek.com and state why you want to attend.

Highlights of the seminar this year?

As project manager I am very biased so I am unable to single out a particular session but I am keen to hear about the different opportunities within fashion. We have various panel sessions on retail, e-commerce, textiles, communication, funding, export and much more. I know some people will not be able to attend both days but if you are able to you will get a full spectrum of where the industry is now and how one can build on it. There are many bright minds speaking this year, which is the ultimate highlight.