Polaris Bank has reaffirmed its commitment to the promotion and growth of Small and Medium Enterprises (SMEs), especially those operating in the fashion industry in Nigeria.
This position was emphasized in a statement issued by the Bank while disclosing plans to support this year’s Fashion Souk – the niche fair for fashion enthusiasts and businesses convened by Eventful Limited, Nigeria’s pioneer and leading events management company.
The one-day business fair scheduled to hold on Sunday, December 5th, 2021 at the Harbor Point, Victoria Island, Lagos will provide a platform for over 100 SMEs in Nigeria’s fashion industry who will showcase their creativity, product lines and economic potentials.
A report by the continent’s development finance powerhouse, Africa Development Bank (AfDB) quotes the global fashion industry as worth over $2.5 trillion with Africa’s share estimated at less than 1% of the total values in 2020, putting Africa’s entire textile/clothing market at more than $31 billion, while Nigeria’s fashion industry is valued at $10 billion according to statistics quoted by Fashion Association Designers of Nigeria (FADAN).
Shedding more light on Polaris Bank’s sponsorship, the Group Head Strategic Brand Management, Nduneche Ezurike noted that Nigeria’s fashion sub-sector has huge and untapped potentials capable of reducing the rate of unemployment in the country.
According to him,” Polaris Bank will be sponsoring one of the best fashion fairs in Nigeria. The fair is curated to facilitate exhibition from four categories of SMEs in the fashion industry including Manufacturers, Retailers, Leather and Jewelry/ accessories with over 120 SME businesses in attendance with expected 2,500+ visitors and buyers expected at the fair”.
He further noted that Polaris Bank remains the preferred Bank in the provision of unique products and services across all the key market segments of the Nigerian economy; serving and impacting the public and private sector; including large and small corporate organizations, SMEs, professional groups and institutions across; health, education, trade, merchandising, utilities, hospitality etc.
Commenting on the essence of the SOUK, the Convener, Mrs. Yewande Zaccheaus said:“Eventful Limited has been deliberate in using the platform of the Fashion Souk to create the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. The opportunities for scaling businesses have been fully optimised by our vendors through their participation at the Souk as well as the Business Pitch. We are proud to be contributing to the growth of the nation’s economy through this laudable initiative”.
Eventful Limited, is a pioneer of events management business in Nigeria and a Convener of four most-sought after industry fairs in Lagos namely: The Beauty Souk, The Food Souk, The Fashion Souk, and The Street Souk. The 2021 Beauty Souk holding on December 5, 2021 heralds the 4th edition of the event.
Polaris Bank’s sponsorship and partnership with Eventful to host the Fashion Souk, provides a further boost to budding entrepreneurs in the fashion industry, and by extension accelerate the growth of the SMEs in Nigeria and the nation’s economy at large. Polaris Bank recently won the coveted BusinessDay Digital Bank of the Year award for delivering VULTe, a niche digital Bank.