Nigeria’s fashion market poised for rapid growth in 2025
By Seun Johnson
The fashion industry in Nigeria is witnessing a growth trajectory and is projected to reach $1.39 million in revenue by 2025. According to Statista, the growth is fuelled by a compound annual growth rate (CAGR) of 7.22% and the industry is expected to expand further, reaching a market volume of $1,845 million by 2029.
The report further explains that the market performance attests to the increasing global appeal of Nigerian fashion, driven by innovative designs and an expanding domestic and international market.
Also in user penetration, the industry is expected to experience a steady rise in the coming years, with recent projections indicating that user penetration will reach 6.9% by 2025 and grow further to 7.9% by 2029.
This is said to have reflected the increasing consumer interest in fashion and greater accessibility to the industry through digital platforms and innovative retail strategies.
With its rich cultural heritage that is woven into modern styles, the sector has literally become a cornerstone of the nation’s economy.
In October 2024, the Minister of Art, Culture, and Creative Economy, Hannatu Musawa reported that Nigeria’s fashion industry contributes approximately $6.1 billion to the country’s GDP. The Minister stated this while delivering a keynote address at the Creative Africa Nexus Weekend Summit in Algiers.
Also in November 2024, Adejobi Olubi, an aide to Osun State Governor, Ademola Adeleke disclosed that the industry has the potential to exceed 10 billion dollars annually and revitalize the economy. He made the statement during a conference organized to herald Osogbo Fashion and Garment Week in the state.
Experts however believe that the growth in the industry could lead to more investment opportunities, job creation, and a stronger presence on the global fashion stage.
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