Banks’ high interest rate bane of Nigerian fashion industry – Afolabi




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LAGOS – Mr Tunde Afolabi, Managing Director, Create “Ur” World Agency, an entertainment and fashion firm, said that high interest rate by banks had retarded the growth the fashion industry.

Afolabi told the News Agency Nigeria (NAN) in Lagos that investors were being discouraged by high interest rate by commercial and micro-finance banks.

He said the industry needed funds to boost contributions to Nigeria’ economy and appealed to to provide financial assistance for the industry.

“ Funding is the major challenge we are facing in the industry,” he said.

The managing director said that the industry’ would result in more employment opportunities and increase national revenue.

In terms employment, he told NAN that Create `Ur` World Agency had trained many youths in shoe making, photography, modelling, beads making, film and fashion designing.

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He appealed to the relevant authorities to ensure that an enabling was provided to allow the entertainment and fashion industry to thrive.

“The government needs to encourage entrepreneurs because the image of Nigeria outside has got to do our cultural output.

“If you travel out of the country, you will see how foreigners appreciate our culture, most especially our African dressing.

“We should admit the fact that the opportunities in the industry are issues that we need to look into and develop.

“There’ a lot of income to be generated out of it; there’ to get out of it, there’ a lot of good image to build out of it.

“So, the government should also understand that in order to launder our image, this sector be carried along,” Afolabi said.

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