There are a number of industries that prove to be as lucrative as the ‘almighty crude oil’ our economy depends on and our business men/women can key into this revelation. Although, some of these sectors are not appropriately structured, but with some ingenuity, it will become an unlimited pool of wealth both for the individuals involved and the nation.
In no particular order, here are 6 sectors that can do the magic for the Nigerian economy and guarantee a sustainable economic diversification programme.
According to fashionunited.com- a fashion blog, the global apparel market is valued at 3 trillion dollars, and accounts for 2 percent of the world’s Gross Domestic Product (GDP). The fashion industry includes many sub industries, such as menswear, womenswear and sportswear. The womenswear industry is valued at 621 billion dollars, menswear industry- 402 billion dollars, retail value of the luxury goods market- 339.4 billion dollars, Childrenswear- 186 billion dollars, Sports footwear- 90.4 billion dollars, bridalwear industry- 57 billion dollars.
In Nigeria, fashion, no doubt has become a big business with new craze for looking good. Most Nigerian fashion freaks now prefer locally made fabrics, which are usually made to their instructions than the imported ones. This has expanded the fashion industry tremendously.
A good example is Malaysia where fashion accounts for 2 per cent share of total exports of manufactured goods. In 2015, exports of textiles and apparel & clothing totaled RM12.63 billion (over $3 billion US) from RM11.62 billion for the same period last year, an increase of 8.7 per cent. Today, Malaysia is recognised for quality, reliability and prompt delivery of a myriad and ever changing range of fashionable apparel and textile items.