Nigeria and the Confederation of African Fashion Associations (CAFA) are pushing to expand Africa’s fashion economy from about $60 billion to $500 billion.
The plan was announced during CANEX WKND 2026, the Afreximbank-backed creative-economy event running in Lagos from November 5 to 8, according to Afreximbank.
Minister of Art, Culture, Tourism and the Creative Economy Hannatu Musawa said Nigeria’s signing of the African Fashion Industry Growth Charter on November 5 was intended to turn fashion from fragmented national activity into a structured economic sector.
CAFA President Lai Labode said Africa’s constraint is not creative talent but the lack of systems connecting cotton cultivation, textile processing, intellectual property, logistics and export markets. He argued that retaining value within Africa requires investment beyond raw-material exports, especially in processing and manufacturing.
CAFA is exploring shared textile infrastructure with Austria and Türkiye, including a central factory, production standards, training and distribution channels. It also plans to support about 10 African fashion houses, with proposed centers in New York, Paris, Milan and London, alongside an e-commerce marketplace and a common quality standard and trademark.
The initiative aligns with Afreximbank’s $2 billion commitment to Africa’s creative industries between 2024 and 2027, which supports financing, skills, intellectual property, trade and market access. CANEX WKND’s program includes fashion masterclasses, a Fashion Show and Awards Night, and a Deal Room connecting creative businesses with investors.
CAFA Mission Coordinator Reginald Ekeanyanwu said Africa holds only about 2% of the estimated $1.84 trillion global fashion ecosystem, despite its cultural influence.
The organizers also plan an African Global Fashion Games in 2028, featuring seven disciplines and a symbolic “World Cloth” assembled from threads contributed by participating countries.
