Fashion designers laud BoI’s N1bn fund

Few months after it launched the Nollyfund, an initial program limit of N1billion and single obligor limit of N50million for individual loans for the Nigerian motion picture industry, Bank of Industry (BoI), has extended the same facility to the fashion industry.
The project which was launched penultimate Tuesday, is part of the bank’s support for Small and Medium Enterprises (SMEs), meant to boost the creative arts industry in Nigeria.
Managing Director of the bank, Mr. Rasheed Olaoluwa, who noted that Nigerian fashion designers are one of the most creative in the world, said the fund was an initiative under the Gender Unit of the bank, and also targeted toward women-owned businesses only.
“There has been a lot of talk about SME funding, but with less action. This is why BoI has decided to increase its funding initiatives to cluster creations.
“BoI has so far recognised 34 cluster creations nationwide to drive our funding initiatives. So, we are able to tailor each cluster based on its peculiarities.
“We are excited about this fund because of the impact it is going to make in promoting job creation, especially among the youths because the fashion business globally is worth about $1trillion.
“And with the growing population of over 170 million, increasing purchasing power of the middle class, it is obvious that the fashion business is, and will be a money spinner for Nigeria’s economy in the next few years,” he said.
President of the Fashion Designers Association of Nigeria (FADAN), Mrs. Funmi Ajila-Ladipo, who lauded BoI for the initiative, however proposed the funding of a fashion production hub, which she said is central to the challenges of Nigerian fashion designers.
The FADAN boss also urged the management of the bank to provide training, build capacity and guidance for budding entrepreneurs in the industry, adding that funding is not the only challenge facing the industry.
Ajila-Ladipo’s thoughts were supported by other fashion designers at the event, and Mrs. Stella Awoh, Head of Yaba College of Technology Fashion School, who urged BoI to also provide support for fashion interns and graduates to set up their businesses.
Awoh disclosed that the college churns out about 450 graduates annually, who mostly end up roaming the streets because they had no funds to establish businesses.


For the full story, check The Nation newspaper.

















































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