Polaris Bank has reaffirmed its commitment to the promotion and growth of small and medium enterprises (SMEs), especially those operating in the fashion industry in Nigeria. This position was emphasised in a statement issued by the bank while disclosing plans to support this year’s Fashion Souk – the niche fair for fashion enthusiasts and businesses convened by Eventful Limited, Nigeria’s pioneer and leading events management company.
The one-day business fair, scheduled to hold on Sunday December 5, 2021, at the Harbor Point, Victoria Island, Lagos, will provide a platform for over 100 SMEs in Nigeria’s fashion industry who will showcase their creativity, product lines and economic potential. A report by the continent’s development finance powerhouse, Africa Development Bank (AfDB) quotes the global fashion industry as worth over $2.5 trillion with Africa’s share estimated at less than one per cent of the total values in 2020, putting Africa’s entire textile/clothing market at more than $31 billion, while Nigeria’s fashion industry is valued at $10 billion according to statistics quoted by Fashion Association Designers of Nigeria (FADAN). Shedding more light on Polaris Bank’s sponsorship, the Group Head, Strategic Brand Management, Nduneche Ezurike, noted that Nigeria’s fashion sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country.