Vice President Yemi Osinbajo is projecting that the fashion industry will be one of the biggest sources of revenue to the country in the near future.
“The fashion industry will be one of Nigeria’s biggest sources of revenues and I can assure you, it will be much bigger than all that we see today,” Osinbajo said on Friday at the virtual commissioning of the Fashion Cluster Shared Facility for MSMEs, the Eko Fashion Hub 1, in Lagos State.
“The scheme itself covers a wide range of shared facilities of various kinds. But this one, the fashion hub, is the latest example and it seeks to provide high-quality operating equipment which more businesses can access at a reasonable cost within a conducive space.”
While disclosing that the fashion hub will service three hundred and eighty MSMEs daily, Osinbajo explained that the ripple effects of the shared facility will be felt massively by businesses, especially those around it.
“The facility will generally help in reducing the operating cost for users, allowing them to invest their savings in expanding their businesses and hiring more staff,” the 63-year-old Professor of Law and former Head, Department of Public Law, University of Lagos, added.
A Deep Commitment
Although the former Lagos State Attorney General and Commissioner for Justice admitted that 2020 has been a rough one due to the COVID-19 pandemic, he assured that the Federal Government is deeply committed to helping MSMEs.
“As we all know, MSMEs are the engine of the Nigerian economy. When they strive, the economy strives; when they struggle, the economy struggles,” Osinbajo stressed.
“This is why the Federal Government is deeply committed to ensuring that we incrementally create the best possible environment for MSMEs to do well.
“The administration is doing this in various ways from improving access to credit through the Central Bank, Development Bank of Nigeria and others.”
Osinbajo who in June this year virtually commissioned and handed over the 200,000-capacity Yam Storage Facility at the Zaki Biam International Yam Market in Benue State, disclosed that there are plans to establish more Shared Facilities in other parts of the country.
“We are doing all these to support MSMEs across the country to maintain their staffing levels and keep their businesses afloat through these very challenging times,” he explained during the event.