NIGERIA’S APPAREL AND FOOTWEAR SECTORS STRUGGLE TO ADAPT TO ECONOMIC SHIFTS
March 20th, 2024
Nigeria’s textile and footwear industries are facing a complex economic landscape, with its manufacturing sector struggling to tap overseas markets and even a growing domestic market, despite a declining Naira (down from USD1/NGN380 in January 2021 to NGN1,600 this March (2024).
The Nigerian apparel and footwear market grew in 2023 to NGN 871 billion (USD557.6 million), with footwear holding 35% value share, followed by womenswear (24%) and menswear (20%), even as volume sales declined by 13%, according to London-based market researcher Euromonitor ...
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