The Bank of Industry has launched N1 Billion Fashion Fund to boost the Nigerian fashion industry, targeting designers at the micro-, small- and medium-scale levels.
Managing Director, BOI, Mr. Rasheed Olaoluwa pointed out the creativity of Nigerian fashion designers, noting that they have the intellect, talent, skills and drive to take Nigeria’s fashion industry to the next level on the global fashion stage.
According to him, “In Nigeria, our own African prints, known as Ankara fabrics, have become very popular in the fashion world due to the ingenuity and industry of Nigerian designers such as Dakova, Frank Oshodi, Tiffany Amber and Deola Sagoe, among others. Amazing designs are now created using local fabrics and are featured in both local and international fashion shows.”
Mrs Funmi Ajila-Ladipo, President, Fashion Designers Association of Nigeria (FADAN), lauded the BoI for its initiative, revealing that it would help provide over 2000 fashion designers access to startup fund and also to expand their businesses. She further called on the BoI to create more production hubs and vocational centres for the industry.
The launch of the fashion fund comes on the heels of two other SME funds recently launched by the BoI: the 5 Billion Cottage Agro Processing Fund and the 1 Billion Nolly Fund.
The BoI boss stated that the months ahead will see the design and launch of more funds and product programmes to support the various SME clusters already identified by the bank.
“At BOI, we have identified a total of thirty-four (34) SME Clusters nationwide to drive our new SME financing paradigm,” he said.