23 ways to profit from the Fashion Value Chain in Nigeria
Clothing is one of the basic needs of man. Apart from food and shelter, this is the third need which we would always have a true need for until the day we die. The resultant industry from clothing which is the fashion industry has become one of the largest industries in the world which has created so many opportunities for those who are willing to take the unique advantages that the industry has to offer.
It is not enough to wear good clothes. Wearing clothes is basic. Looking good is a totally different thing altogether. “You are addressed by the way you dress” or so the saying goes.
This is true in many parts of the world but most especially in Nigeria where appearance is everything which an individual actually has to offer.
Nigeria is a country that has over one hundred and eighty million people as its population. This of course means that the fashion industry is going to be a huge opportunity for making profit as anyone who involves his or herself in this industry is looking to make serious profits if he or she is willing to profit from the fashion value chain.
There are many ways and means through which one may profit from the fashion Value chain in Nigeria. They are listed below:
The leasing of land for the planting of cotton: Since cotton is a major component that is required in clothing, the leasing of land for cotton farming is one easy way those who want to earn a passive income in the fashion value chain can do so. Such leases can be granted to cotton farmers who may want to expand their lands and it presents them with the unique opportunity to do so.
The provision of agricultural input for the farming of the cotton: Agricultural inputs are often needed when and where the farming of cotton as a crop takes place. Anyone who can provide and supply such farming inputs directly to the farmers always stands to make a lot of profit.
The provision of labor during the farming season: The labor required during the farming of cotton is quite much and whoever can provide such to the farmers will profit from the fashion value chain in Nigeria in a big way. Since most of the farming of the cotton is still done manually, labor is critical to the success of the farming process.
23 ways to profit from the Fashion Value Chain in Nigeria
The mechanization of the farming process: For those who want to be able to make huge gains on a large scale, then mechanization of the farming of cotton is the way to go in order to achieve this. Mechanization provides the unique advantage of using the economies of scale to make huge gains.
The provision of labor during harvest: Again the provision of labor during the harvest period is one way to profit from the fashion value chain in Nigeria. Anyone who can make this happen for the farmer will always find a friend in them.
The mechanization of harvest for large farms: Due to the size of large farms, the mechanization of the harvesting process will allow for speed and reduce the errors which may come from human intervention when it comes to manual harvesting over larger farm areas. This of course will provide the farmers with the ability to do much work in far less time; thus improving efficiency along the fashion value chain in Nigeria.
The transportation of the harvested cotton balls from the farms: Logistics and transportation during the harvest period is a very lucrative way to profit from the fashion value chain in Nigeria. This gives the drivers and owners of such vehicles which are used in the transportation the much needed revenues which are steady at the same time each year.
The storage of such cotton balls: Provision of proper storage facilities for the cotton balls is another way to profit from the fashion value chain in Nigeria. This is because the cotton balls have specific ways which they must be free from the adverse effects of the weather.
Transportation of the cotton to the ginnery: Cotton spinning and processing machines are called gins as such, the factories where these gins are located are called ginneries. The transportation of the cotton to the ginnery is another way to profit from the fashion value chain in Nigeria. This provides good revenues for vehicle owners and drivers.
The setting up of cotton ginneries: The setting up of such facilities always provide profits for the owners and employment for others who would want to profit from the fashion value chain in Nigeria. Meeting the local demand for clothes made of cotton can indeed be extremely profitable if one can truly put the required resources for the setting up of a ginnery.
The export of the cotton lint: The international export market is always welcoming to Nigerian cotton and anyone who understands the rudiments of international trade can use this to his or her advantage. After the ginnery has removed the lint and they are placed into bales, the bales can now be sold in the international market for top dollar at good rates which provide profits for those who are engaged in the trade.
The importation of materials: This also is another unique way to profit from the fashion value chain in Nigeria. The unique demands of clothing one hundred and eighty million people in Nigeria are so many that there exists a gap between locally produced fabrics and the actual market demand. In order to meet up with this demand, importation of materials is one of the ways this is done.
23 Ways To Profit From The Fashion Value Chain in Nigeria
Importation of ready-made clothes: Again the importation of readymade clothes especially those that are made by popular designers presents another way to profit from the fashion value chain in Nigeria. This is because of their popular appeal; especially among the youths who make up the bulk of Nigeria’s population.
Importation of accessories: Fashion must always go with the required accessories. Those accessories are complimentary to the clothing which adorns the wearer. Such accessories include but are not limited to: bags, watches, shoes, necklaces and so on and so forth. Some of these accessories are an absolute necessity like the shoes for instance while others people may go without. Accessories provide the enterprising trader a unique opportunity to profit from the fashion value chain in Nigeria without much stress. All the trader needs to know is what people are currently wearing in terms of accessories and he or she supplies them!
The local production of accessories: some accessories can be produced locally due to the setting up of small and medium scale enterprises by some resourceful entrepreneurs. This has afforded them the opportunity to profit from the fashion value chain in Nigeria without having to resort to importation. Locally made shoes are now cropping up everywhere and people are buying them. The same thing is happening with bags, belts, slippers and even watches for those who have the expertise to produce such.
The importation of perfumes: Those who want to look good also want to smell good as well. The importation of popular perfumes is one lucrative business that anyone who has the nose for really good perfumes can indeed profit from the fashion value chain in Nigeria.
The local production of perfumes: Perfumes can also be produced locally provided that you have the knowhow and possess the required skills to sell your product. This provides a unique opportunity for market entry for anyone who wishes to profit from the fashion value chain in Nigeria.
23 Ways To Profit From The Fashion Value Chain in Nigeria
Modelling: This is the glitz and glamour part of the fashion value chain. Here if you look good and want to try your luck at being a star who everyone looks up to, then you’re actually welcome to try. You never can tell. You just might hit it big!
Tailoring: This is the most commonly sighted method through which anyone can profit from the fashion value chain in Nigeria. One can start by becoming an apprentice and then working for others while saving up money for machines. Then in the due course of time, machines can then be purchased and a new shop opened.
Photography: On the glamor side of the fashion value chain in Nigeria, photography is another way which any smart individual who has an eye for aesthetics can indeed profit from the fashion value chain in Nigeria. Photographers are very highly paid; especially if their work in the capturing of still picture is superb.
Fashion designing: Most people may not know this but there is a distinct difference between a fashion designer and a tailor. A designer actually designs concept dresses. Some of which may only be made for the rich and famous. A tailor is your designer next door. So a designer may have started in the trade by being a tailor, but also a tailor cannot just become a designer. This produces the kind of profession which many want to aspire to in Nigeria.
Sales of tailoring accessories: Buttons and other accessories which are used in the sewing of clothes provide another opportunity for the enterprising individual who wants to profit from the fashion value chain in Nigeria to do so easily without much stress.
Retailing of clothes: The opening and running of what is commonly referred to as boutiques in Nigeria are a good way to profit from the fashion value chain in Nigeria. This is because such shops offer trading as a basis for profit and anyone who has an eye for good clothing and accessories can easily take this up and make the required profit.
The fashion industry in Nigeria is so huge and so large that from one end of the fashion value chain to the other, profits can always be consistently made!
It depends on the willingness for anyone who wants to succeed and the hard work which such and individual is willing to put into the process.
Are there any ways, means or methods through which anyone can profit from the fashion value chain in Nigeria? In Which ways are you currently profiting? Please feel free to share them in the comments below!
(B.Agric, MBA)
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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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