The business behind Lagos fashion & design week

The recently concluded Lagos Fashion and Design Week once again showcased the creativity and talent of Nigerian designers to over 6,000 fashion insiders, including buyers, retailers, local and international press, celebrities, models, and special guests. Behind the glitz and glamour, there lies a burgeoning industry with immense potential to drive economic growth and create jobs across the value chain. Omoyemi Akerele, founder of Style House Files and the Lagos Fashion and Design Week, sat down with CNBC Africa to provide insights into the business aspect of the event and the future of the fashion industry in Nigeria. Akerele highlighted the importance of collaboration and holistic approach to ensure sustainable growth in the sector. She emphasized the need for stakeholders to come together and recognize that the fashion industry currently contributes just 1% to the GDP. To unlock the true potential of the industry, there is a need for a concerted effort to support not only designers but also other key players such as textile manufacturers, pattern cutters, journalists, and business writers. This year, Lagos Fashion and Design Week took a proactive step by organizing roadshows in cities like Port Harcourt, Calabar, Enugu, and Abuja to showcase the diverse opportunities within the industry beyond just designing. Akerele stressed the importance of striking a balance between creativity, commercial viability, and industrial support to foster sustainable growth. While the glamour of fashion events often takes the spotlight, the true impact lies in the potential to create jobs and boost the economy. Akerele's vision for the future of the industry is one of inclusivity and empowerment, where individuals can find fulfillment in various roles within the value chain. As Nigeria aims to shift towards locally produced goods and reduce reliance on imports, the fashion industry stands as a promising sector that can contribute significantly to the country's economic development. The success of Lagos Fashion and Design Week not only celebrates the talent of Nigerian designers but also serves as a beacon of hope for the industry's growth and prosperity in the years to come.