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Banks’ high interest rate bane of Nigerian fashion industry

18 July 2014, 07:41

Lagos - Tunde Afolabi, Managing Director, Create “Ur” World Agency, an entertainment and fashion firm, on Thursday said that high interest rate by banks had retarded the growth of the fashion industry.

Afolabi told the media in Lagos that investors were being discouraged by high interest rate by commercial and micro-finance banks.

He said the industry needed funds to boost contributions to Nigeria’s economy and appealed to the Federal Government to provide financial assistance for the industry.

“Funding is the major challenge we are facing in the industry,” he said.

The managing director said that the industry's development would result in more employment opportunities and increase national revenue.

In terms of employment, he told the media that Create ‘Ur’ World Agency had trained many youths in shoe making, photography, modelling, beads making, film production and fashion designing.

He appealed to the relevant authorities to ensure that an enabling environment was provided to allow the entertainment and fashion industry to thrive.

“The government needs to encourage entrepreneurs because the image of Nigeria outside has got to do with our cultural output.”

“If you travel out of the country, you will see how foreigners appreciate our culture, most especially our African dressing.”

“We should admit the fact that the opportunities in the industry are issues that we need to look into and develop.”

“There’s a lot of income to be generated out of it; there’s development to get out of it, there’s a lot of good image to build out of it.”

“So, the government should also understand that in order to launder our image, this sector must be carried along,” Afolabi said.

-    NAN


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