The African Development Bank (AfDB) has recently launched ‘Fashionomics’, the economy of fashion initiative during the Bank’s 2015 Annual Meeting to boost micro, small and medium-sized businesses (MSMEs) in the fashion and textile industry in Africa. The continent’s history of fashion and textile has a legacy of its own. From Aso Oke & Adire in Nigeria, Kente in Ghana, Shweshwe in South Africa, Kitenge in Kenya, Africa’s history of fashion and textile reflects the country’s ingenuity and creativity.
Africa currently accounts for 1.9 percent of the total estimated $1.3 trillion global trade. Africa’s entire textile/clothing market is already worth more than $31 billion and accounts for the second largest number of jobs in developing countries, after agriculture. In the next five years, the industry could generate $15.5 billion revenue.
Fashionomics to create a unique networking platform
The Fashionomics initiative will start off with creating a Business to Business (B2B) online platform by the first quarter of 2017. The dedicated website will be designed as a networking platform for all the links in the fashion and textile value chain- suppliers, brokers, designers, distributors and investors. It also acts as a place to share knowledge, tutorials and opportunities in the textile and fashion sector. The bilingual portal’s objective is to help members of the industry develop and boost their businesses. The Fashionomics Initiative will start off with Ethiopia and Cote d’Ivoire the two countries show the disparities and unique characteristics typical of the entire continent.