The Meet Africa Fashion Festival (MAFEST) has entered into a strategic partnership with Leadership Newspapers in a bid to boost the fashion industry in Nigeria.
The partnership was officially sealed during a courtesy visit and partnership meeting held at the headquarters of Leadership Newspaper in Abuja on Tuesday, July 25.
This was revealed in a statement signed by the MAFEST event manager, Adesuwa Osuyi.
Advertisement
Speaking during the visit, MAFEST President, Charles Ozoemena, emphasized the need for Nigeria, and Africa at large, to tap into the vast potential that the fashion industry has to offer.
“The global fashion industry is estimated to be worth about $1.7 trillion, while Africa’s current share is merely one percent, amounting to a mere $25 billion. Nigeria’s contribution stands at 15% of the $31 billion Fashion industry in Sub-Saharan Africa, translating to $4.7 billion. Clearly, Africa has barely scratched the surface of the immense profits this industry can yield,” he said.
He stated that the MAFEST aims to untie key industry players under one roof allowing them to network, conduct business and showcase Africa’s rich fashion heritage.
The festival is slated to hold in February 2024 in Abuja.
Also speaking at the partnership meeting, the Group Managing Director of Leadership Newspaper, Muazu Elazeh, expressed his support for the event and its organizers.
“The timing of MAFEST is good, especially as Nigeria endeavors to diversify its economy and reduce over-reliance on crude oil exports by developing other industries.
“We commend you on this initiative, which we believe will have a multiplier effect on Nigeria’s fashion industry, even in job creation. The focus on oil is not enough. This is the time to look at generating revenue from the non-oil sector and this is an opportunity to act now. Leadership is in this, and we will play a fundamental role in being part of this event,” he said.