Africa’s fashion industry is growing rapidly to meet local and international demand, although it is facing a heavy deficit in investments, according to the findings of UNESCO. A report containing these observations was released by UNESCO recently during Lagos Fashion Week.
Currently valued at US$15.5 billion worth of exports annually, the earnings from the continent’s fashion industry could triple over a decade with the right investment and infrastructure, the report says. The report was released by UNESCO Director-General Audrey Azoulay. This is incidentally the organization’s first report on fashion in Africa released in Nigeria’s economic hub of Lagos.
With a young population of 1.3 billion people set to double by 2050, the continent’s fashion industry has also proven to be both a powerful lever for the promotion of cultural diversity (and) also a way to empower young people and women. Across the continent, fashion continues to grow on various fronts – including in movies and films – in the form of textiles, garments as well as accessories, and fine crafts, all with a long history of prestige and symbolic of the African culture. The demand for African fashion brands is also spurred by the growth in e-commerce, the UNESCO report noted.
Source: Trendsnafrica