First Bank Partners Eventful To Support SMEs In The Fashion Industry

As part of efforts to provide access to market and provide
opportunities for entrepreneurs in the Small Medium Scale
Enterprise (SMEs) of the fashion industry, First Bank of Nigeria
Limited partnered with Eventful Nigeria Limited on its event,
fashion souk, a platform that creates an opportunity for players in
the fashion industry to exhibit and sell their wares to the
thousands of event participants.

Speaking at the event held in Lagos recently, the Group Head,
Marketing and Corporate Communication, First Bank of Nigeria
Limited, said the bank has over the years, since its founding, been
very supportive of the entrepreneurial space and SMEs, adding that
the role of the bank is that of an enabler.

“FirstBank has been involved in every sector of the economy
since 1894, so if you think about that there is no sector we have
not been involved in, in fact this particular fashion souk, we are
the pioneer sponsor and we sponsored it right from when it
started.”

Ani-Mumuney explained that the fashion industry over the years
has grown incredibly and added that it has helped to grow other
businesses.

According to her, “Just like Nigerian music, the fashion
industry is still in its infancy. We have great talents and
potential in the fashion industry. Let’s consider the developed
fashion industry of Italy for instance and the entire value chain
of fashion, it tells you that there is a lot to be done. We still
need to have fashion zones in core Cities and States, so that
within a particular zone, you could have the cutters, button hole
creation and others.

The Fashion Souk Stage/Runway

“The great thing is that we have a market here, but beyond that
is that we could easily become the fashion hub for Africa,
especially its export across continents. The fashion industry is
diverse and versatile with many roles carried-out by individuals
with uniquely different skill-set. Some persons could focus on
finishing; some could focus on sketching, garment making and other
areas. Indeed, Nigeria are fashion freaks, with a large and diverse
market.

Also at the event was Nollywood actor and producer Kunle
Afolayan whom had his clothing line Ire Clothing, displayed.
Afolayan, the Chief Executive Officer of Ire Clothing said he
started the clothing line with just the Kunle Kembe, and presently,
it has expanded to about five, six collections.

L – R: Mrs. Yewande Zaccheaus,
Chief Executive Officer, Eventful Nigeria Limited and convener of
the Fashion Souk; Her Excellency Mrs. Dolapo Osinbajo, Wife of the
Vice President, Federal Republic of Nigeria and Lady Maiden
Alex-Ibru, Publisher, The Guardian Newspapers at the Fashion Souk.

He also stated that what inspired Ire clothing is because of his
love for arts and anything that deals with the Nigerian cultural
heritage and helps to document culture, “so with Ire clothing, we
use Africa fabrics, Anakara, Adire and others.”

Afoloyan explained that he has modified the old Yoruba Kembe
style to something that is now pop culture so that the younger
generation can also wear it, adding that there are T-shirts and
Kunle’s Dansiki which is a bit smaller than the traditional
Dansiki, and face caps.

According to him, “The brand story we are trying to tell is that
we want people to embrace their own culture and tradition; use it
to their advantage and use it to the world. I think the fashion
industry is striving and it’s been here for a very longtime and it
is doing better because a lot of our people are exporting our
clothing abroad.”

In his remarks, veteran comedian, Atunyota Akpobome, popularly
known as Ali baba, said the fashion souk is a platform of
opportunities and a collage of business ideas, providing a platform
for people to network and express business innovations.

Uti Nwachukwu and Kunle Afolayan at
the event

According to Ali baba, “To expand the frontiers of the fashion
industry, there is need for exposure and the social media is
helping a great deal to improve the employment needs of Nigerians.
Once the employment statistics increases there will be higher
purchasing power and people will tend to invest and spend more in
fashion. In a country of about 200 million people, one should be
able to do one million sales in months. But I think we will get
there someday. We need to grow our textile industry and revamp the
textile companies, which implies that we have to revive the
production of cotton so that players in the industry can have
access to raw materials, thereby cutting down production cost.”

Also speaking at the event, popular television presenter and
model, Uti Nwachukwu, expressed satisfaction with the event,
commending the organisers for creating an avenue to convene fashion
vendors under one roof to provide their wares at discounted and
affordable rates, while giving customers the opportunities to
patronize their brands.

He further stated that the fashion souk gives the vendors an
opportunity to showcase what they have to sell and creates
opportunity for them to advertise their products.

Nwachukwu added: “A lot of vendors and customers here are happy.
It is a give and take situation that works well. The fashion
industry in Nigeria is the most underrated industry; there is so
much potential, and greatness in the fashion industry.

“We have great designers that will shine in any part of the
world. It is a great gesture the bank is making by supporting the
industry. I just wish the bank can help these designers to get to
international level of exposure. Our designs are wonderful, African
prints are in fashion in different parts of the world. Finance and
exposure are the key challenges facing the industry, if it is
properly addressed, things will work out well.”

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