3 months ago, one of the most exciting news to come out of Fashion in Nigeria, was the availability of a 1 Billion Naira Fashion Fund by the Bank of Industry, with just a little glitch. It was for Women only. The fund was an initiative under the Gender Unit of the bank, and targeted toward women-owned businesses.
On the 29th of October, 2015, the Managing Director of the Bank of Industry Nigeria, Mr. Rasheed Olaoluwa was present at Style House Files’ Fashion Business Series, a platform created to facilitate conversations with key players from the Nigerian and international fashion industry as a useful tool for exchanging ideas, networking and developing the fashion industry. It held during Lagos Fashion & Design Week, where he gave the keynote address on Fashion as a key driver of the economy.
To much surprise, he announced that since the Fashion Fund had been announced, not one business had been able to access it, and after much feedback on how to disperse the funds, he shared with the audience that the 1 Billion Naira Fashion Fund is now open to Men & Women owned business, open to both sexes.
Going further, he announced that the Bank of Industry is currently developing a Fashion production hub in collaboration with the Nigerian Export Promotion Council (NEPC) that will operate from Lagos where designers can produce in mass quantities.
For More Information on the Bank of Industry’s 1 Billion Naira Fashion Fund. Please see below:
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