Watch as Central Bank Boss Emefiele Promises Support for Fashion Industry at ARISE FASHION WEEK 2020

The Governor of Nigeria’s Central Bank, Godwin Emiefele, has reiterated the commitment of the bank to growing the fashion industry in the wake of the resounding success of ARISE FASHION WEEK 2020.

At the event, Emefiele praised Africa’s biggest fashion show for showcasing the huge potential of Nigeria’s fashion industry and the impact it has across the globe.

 He also revealed some of the initiatives the federal government has set in motion for the sustainability of fashion entrepreneurs and designers.

“I will like to reiterate to stakeholders affiliated with the fashion industry that you indeed have a partner at the Central Bank of Nigeria and the Bankers Committee in Nigeria,” Emefiele said.

“We are fully aware that the fashion industry in Nigeria can provide a positive and beneficial growth path for young Nigerians who seek to utilise their talents in creating products and services that offer value at home. And indeed, abroad. We will continue to ensure that these skills are harnessed to support the growth of the Nigerian economy, and also support the growth, the businesses of the Nigerian youth entrepreneurs.”

Emefiele said the bank will support 500,000 Nigerians with loans and skill acquisition. The bank will also provide a textile shared service facility that will train eligible Nigerians on how to design and develop good quality made in Nigeria fashion products for the local and export market and to “distribute their works on a large scale.”

ARISE Fashion Week ’30 Under 30’ was the first step in empowering young and emerging designers in Nigeria and across Africa with $500,000 split among participants. 

Cash prizes, $5,000 each, were given out to the thirty participants and the winner, Kenneth Ize was given the grand cash prize of $100,000.