Ecobank Nigeria Strengthens Commitment to Boosting Adire Textile Exports Under AfCFTA

Date:

###

Thank you for reading this post, don't forget to subscribe!

Ecobank Nigeria has reaffirmed its dedication to enhancing the export potential of locally produced Adire textiles, leveraging the African Continental Free Trade Agreement (AfCFTA). Kola Adeleke, Executive Director of Commercial Banking at Ecobank Nigeria, announced this during the third annual Ecobank ‘Adire Lagos Experience.’

AfCFTA, the continental trade agreement, aims to eliminate trade barriers and boost intra-African trade, creating a single market projected to encompass 1.7 billion people and $6.7 trillion in consumer and business spending by 2030, according to the World Economic Forum.

The annual exhibition, held at the Ecobank Pan African Centre in Lagos, featured over 100 exhibitors showcasing locally crafted Adire attire by indigenous designers.

“After the programme, we will continue partnering with these 100 merchants. We will support them in building capacity and improving the quality of their products for export. Ultimately, our goal is to ensure that Adire becomes an African brand with global acclaim,” Adeleke stated.

He emphasized that this initiative aligns with Ecobank’s mission to boost Nigeria’s economy by tapping into the export potential of Adire. The bank plans to profile these merchants on the Ecobank single market trade hub, positioning them to export their products across Africa and beyond.

Adeleke added that the Adire Lagos exhibition is part of Ecobank’s broader efforts to support and promote the country’s creative industry. As a pan-African bank operating in 33 countries, Ecobank is committed to backing various productive initiatives, with the Adire exhibition being a key example.

Meanwhile, Dr. Fagbayi Oluwasesan, Commissioner for Culture and Tourism in Ogun State, praised Ecobank for its role in promoting the Adire culture. He highlighted that Adire is synonymous with Ogun State, where the traditional fabric originates.

“The fabric is synonymous with Ogun State. We are the custodians of Adire. It is an indigenous textile from Ogun State, and we must protect it. We commend Ecobank for assisting us in showcasing this unique cultural heritage,” Fagbayi said.

He also addressed the issue of imported adulterated Adire fabric, which poses a significant threat to the industry. The Ogun State Government has initiated measures to combat this challenge.

“The State House of Assembly, through our ministry, is working to curb the influx of Chinese adulterated fabric. Adire is a traditional fabric made manually through a nine-stage process. We are setting up a committee, with the Governor’s approval, to address this issue and propose legislation to ban the counterfeit fabric,” Fagbayi remarked.

He further mentioned that Ogun State is collaborating with the National Assembly, where a bill has been introduced to ban adulterated Adire fabric, which has already passed its second reading.

“The Representative of Abeokuta South Federal Constituency has raised a Bill at the National Assembly, which has now passed its second reading. With federal backing, we aim to ban this adulterated fabric outright,” he added.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

IX Africa Launches Kenya’s First Hyperscale Data Centre in Partnership with Schneider Electric

July 16,2024. IXAfrica Data Centres has launched East Africa’s first...

NECO releases 2024 examination results for Unity schools

July 16, 2024. Azonuchechi Chukwu. The Federal Government has released the...

Nigerian Singer Wizkid celebrates 34th birthday

July 16, 2024. Azonuchechi Chukwu. Nigerian singer and songwriter Wizkid triggered...

Chinedu Ikedieze celebrates wife on her birthday

July 16, 2024. Azonuchechi Chukwu. Nollywood actor Chinedu Ikedieze popularly known...
× How can I help you?