LAGOS – Mr Tunde Afolabi, Managing Director, Create “Ur” World Agency, an entertainment and fashion firm, on Thursday said that high interest rate by banks had retarded the growth of the fashion industry.
Afolabi told the News Agency of Nigeria (NAN) in Lagos that investors were being discouraged by high interest rate by commercial and micro-finance banks.
“ Funding is the major challenge we are facing in the industry,” he said.
He appealed to the relevant authorities to ensure that an enabling environment 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 with 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.
“So, the government should also understand that in order to launder our image, this sector must be carried along,” Afolabi said.