The fashion industry globally is expected to double in the next 10 years, generating up to $ 5 trillion annually, according to Ms Vanessa Moungar, Director of Gender, Women and Civil Society at the African Development Bank Group (AfDB).
She said $284 million is spent annually on fashion in the US alone, comparing that to the combined footwear and apparel market in Sub-Saharan Africa estimated to be worth $31 billion, an indication that Africa’s role as both a consumer and producer of fashion is on the rise.
Ms Moungar was speaking at the Fashionomics (Economics of Fashion) Africa Cocktail event as part of the Africa Investment Forum at the Sandton Convention Centre in Johannesburg, South Africa.
Creative industry according to the bank is defined as fashion, design, food, film and music, presents tremendous opportunity for wealth and job creation on the continent.
Powered by e-commerce and social media, she said, demand for African fashion is likely to be boosted by the continent’s growing middle class, which is the fastest growing in the world, with consumer spending expected to hit $ 1.4 trillion by 2020.
Today, South Africa and Nigeria are the continent’s top fashion markets but Ethiopia, Lesotho, Kenya, Mauritius and Swaziland are the leaders in terms of textile and apparel exports.
Ms Moungar said extremely talented young entrepreneurs have begun to gain global recognition as they pioneer strategies to market and brand fashion concepts grounded in cultural heritage, the ‘African Brand.’
She said the AfDB is working assiduously to raise the profile of African textile and fashion industry to the international stage to unleash that potential for recognition and stimulate wealth generation.
“Together we will make sure Africa is not just seen as a new source of labour but a source of creativity and innovation with talented entrepreneurs that can serve local, regional and global markets.”
Dr Victor Oladokun, Director of Communication and External Affairs of AfDB, moderating the show, said fashion is a multi-billion dollar industry that creates millions of jobs, particularly, for women and young people on the continent.
He said powering growth in the sector lies at the heart of AfDB as it creates the right environment for the financial sector to take full advantage as the industry is dominated by small and middle size enterprises that yearn to scale up.
Dr Akinwumi Adesina, President of AfDB, said Africa should be exporting finished textile products and not cotton lint.
He said there was urgent need for Africa to rapidly industrialise and add value to all products instead of exporting them in raw form that makes them vulnerable to global price volatilities.
There were wears from VAIN by Amani Chamane, Africa Fashion International by Dr Precious Moldi-Motsepe, Closing Bell by Tina Ncxokolo and Laduma Maxhosa.
By Maxwell Awumah, GNA Correspondent, Johannesburg, South Africa