Latest news with #Nigerian-made
Zawya
22-04-2025
- Business
- Zawya
Think global, leverage fashion to promote Africa, stakeholders urge entrepreneurs
Nigerian fashion brands, entrepreneurs, enthusiasts, and models have been charged to think globally in their endeavours and leverage their platforms to promote Nigerian and African culture and heritage. Fashion and business stakeholders gave this charge in Ibadan on Saturday during the fourth edition of the annual Ibadan Urban Fashion Week (IUFW) 2025, themed 'Promoting growth of fashion in Africa'. Olasoji Awofesobi, a fashion entrepreneur and convener of IUFW, stated that the essence of the event is to redefine fashion in the African way and project Nigerian urban fashion culture to the world so that other cultures can appreciate Nigerian fashion and those who wear it. Awofesobi added that the event seeks to give budding fashion designers, enthusiasts, creators, and brands a platform to showcase their talents and skills, learn and unlearn, and share their experiences. 'Fashion is not just about clothing and designs. There are the creative, business, branding, and networking aspects of it that most fashion entrepreneurs need to know. That is why we are organising workshops, panel sessions, runway shows, and networking sessions in the event,' he said. Dr Tinu Smith, founder of Datina Designs and a business coach, in her keynote speech, stated that Nigeria is the trade centre of Africa because everyone wants to wear Nigerian-made fashion. Smith further stated that the potential and popularity of the Nigerian fashion industry lie in its rich cultural heritage, diverse traditional textiles, and global recognition of the fashion industry, which, according to her, is worth billions of naira and contributes to the gross domestic product (GDP) of the country. While speaking extensively about the challenges fashion business owners face in Nigeria and offering advice on how the challenges can be managed, she advised that Nigerians and Africans 'should start looking inwards and start patronising made-in-Nigeria clothes and fashion products to encourage local fashion entrepreneurs.' Smith also advised fashion entrepreneurs to master their craft, have sound knowledge of the industry, and leverage technology to build their brands, tell their story through clothes and fashion the right way, and keep advocating the Nigerian culture, adding that if they do this diligently, they will succeed in the business. Omolola Elsie Oluwale, a human resource expert and founder of Lighthouse HR, spoke extensively on the creative, planning, and strategy aspects of the fashion business ─ how fashion entrepreneurs can draft a good business plan, secure funding for their projects, hire and retain the best staff, and sustain their businesses and brands. Oluwale stressed that for any business, including the fashion business, to succeed, there must be a business plan, otherwise there will be no clear direction for the business or its profits. Motolani Akintayo, a clinical psychologist and female empowerment leader; Chisom Mabia, a social entrepreneur and co-founder of Women Initiative for Family Entrepreneurial Empowerment (WIFEE); and Gwendolyn Oshoniyi, an author, media consultant, and lead consultant at LadyGwen, all spoke at the event, offering their expert opinions and advice on the topics they addressed. There was a panel session titled 'Brand owners and mental health', moderated by Catherine Adeogun, a broadcast journalist and event compere. On the panel were Olasoji Awofesobi, Dr Tinu Smith, Omolola Elsie Oluwale, Chisom Mabia, Gwendolyn Oshoniyi, and Motolani Akintayo. The panel noted that the entrepreneurial journey can be stressful and lonely, and that many mistakes and wrong decisions can be made along the way, potentially leading to breakdowns and mental disorders if not properly managed. The panellists stated that everyone has some degree of mental health issue, but the degree is what matters, which is why, according to them, mental health should be talked about every day, every time, and everywhere. In light of this, they emphasised that it is not the situation causing the mental problem ─ whether bad or good ─ that matters, but how the situation is managed. On how to control the stress and mental exhaustion associated with running a business, the panellists advised brand owners to seek strong support and mentorship systems, maximise their personal and family time, build good relationships with their staff and clients, and protect their peace and sanity from negative people and influences. At the event, 15 exhibitors showcased their wares and products, and there were eight designers on the runway. Models, fashion entrepreneurs, and fashion enthusiasts also graced the event. Olasoji Awofesobi, the convener of the event, said, 'The outcome of the runway was wonderful. People loved it, and it improved the designers' visibility and patronage.' Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
21-04-2025
- Business
- Zawya
CBN urges banks to prioritise value, transparency for Nigerian consumers
The Central Bank of Nigeria (CBN) has called on banks to deliver better value and ensure greater transparency in their services to Nigerian consumers as part of efforts to boost financial inclusion and economic competitiveness. Speaking at a strategic town hall meeting themed 'Enhancing the Competitiveness of Nigerian Products' held at the Lagos Continental Hotel, the CBN emphasised the need for financial institutions to adopt customer-centric approaches, improve service quality, and support the growth of local industries. Organized by the Consumer Protection and Financial Inclusion Department (CPF) of the CBN in collaboration with the Bankers' Committee, the event brought together top financial stakeholders and policy makers to address systemic challenges facing Nigerian producers, especially small and medium-sized enterprises (SMEs). Delivering the welcome address, CPF Director Mrs. Aisha Isa-Olatinwo—represented by Deputy Director Mr. Amuwa Nelson—highlighted the critical role of banks in driving inclusive economic growth. 'Banks are not just financiers; they are development partners that can influence product excellence and market competitiveness,' Nelson said. He urged banks to offer more transparent and accessible services, and to deepen support for indigenous brands through affordable financing, advisory services, and digital tools. 'Nigerian consumers deserve better value, choices, and accountability,' he added. Also speaking at the event, Chairman of the Lagos State Internal Revenue Service (LIRS), Mr. Ayodele Subair—represented by Special Adviser Mr. Tokunbo Akande—stressed the need for banks to act as active partners in the value chain. 'We must empower entrepreneurs and restore faith in the 'Made-in-Nigeria' identity,' he said. The town hall served as a platform to discuss strategies for improving the quality, visibility, and competitiveness of Nigerian-made goods both locally and internationally. Panel discussions addressed key issues, including consumer complaints, the importance of redress mechanisms, and the role of financial institutions in promoting quality standards. The CPF noted that while financial complaints from SMEs have declined due to ongoing reforms, continued education is necessary to inform business owners of their rights and responsibilities. At the end of the meeting, a joint communiqué was issued affirming the commitment of the CBN and the Bankers' Committee to: Expand access to affordable credit for local producers; Promote fair and transparent banking practices to build consumer trust; Foster innovation and digital tools to support business growth and Enhance awareness of quality assurance, safety standards, and regulatory compliance. The initiative marks a renewed push by the CBN to promote a resilient, inclusive economy anchored on trust, transparency, and locally driven development.
Zawya
03-03-2025
- Automotive
- Zawya
Nigeria's 2025 budget should accelerate automotive industry
ON December 16, 2024, the Federal Executive Council (FEC) approved the 2025 budget with a total expenditure of N47.9 trillion. This represents a 35 percent increase from the 2024 budget. And this significant increase, according to the FG, is aimed at lifting millions of Nigerians out of poverty. However, amid this ambitious spending plan, there is a glaring need for a thriving automotive industry in Nigeria. The 2025 budget is predicated on an oil price of $75 per barrel, with a production target of 2.06 million barrels per day. While the Federal Government remains optimistic about the oil sector, it has become pertinent for concerned Nigerians to be wary of the budget's projections due to Nigeria's history of budgetary difficulties: no thanks to ongoing deficits, mounting debt, and slow economic growth. Withal, a thriving automotive industry can play a crucial role in diversifying the Nigerian economy, while reducing dependence on oil exports and creating employment opportunities. Currently, the country relies heavily on imported vehicles, which puts a strain on the country's foreign exchange reserves. By developing a local automotive industry, Nigeria can reduce its reliance on imports, conserve foreign exchange, and promote economic growth. Brands like Innoson motors should be given every support they could get. But then, there is a need to highlight the key challenges facing the Automotive Industry in Nigeria like the lack of infrastructure which includes good motorable roads, transportation networks, and storage facilities. The high cost of borrowing and limited access to finance could also hinder the growth of the automotive industry in Nigeria. Need I add that the influx of imported vehicles undermines the competitiveness of locally assembled vehicles? In the midst of all these, however, there are opportunities for growth if the federal government is willing to see beyond the lens. If the Federal Government can provide incentives like tax breaks, subsidies, and investment in infrastructure, to support the growth of the automotive industry, there is big assurance this will contribute a meaningful quota to the economy growth. Investment in private sector investment can also provide the necessary capital to establish and expand automotive manufacturing facilities in Nigeria, likewise the regional market opportunities like the African Continental Free Trade Area (AfCFTA) which provides a vast market opportunity for Nigerian-made vehicles. To surmise, Nigeria's 2025 budget presents an opportunity for the government to prioritise the development of the automotive industry. By addressing the challenges facing the industry and leveraging opportunities for growth, Nigeria can reduce its dependence on oil exports, promote economic growth, and create employment opportunities.
