By Lukman Olabiyi
The Nigeria-Turkey furniture and textile market is projected to grow from $2 billion to over $6 billion in the next three years, reflecting a growth rate of more than 30 per cent.
Recent insights from stakeholders at the ongoing Nigeria Decor Expo 2024 holding at Landmark Centre, Lagos suggest that this sector, currently valued at $2 billion, is on the brink of significant growth projected to exceed $6 billion within the next three years.
The promising outlook has sparked discussions among key industry stakeholders, including former lawmaker, Shina Peller, on how the Nigerian government can support the expansion of the vital sector, which plays a significant role in the nation’s growing real estate market.
Martins Arebun, president of the MEEI Programme, highlighted the economic importance of the furniture and textile industries, noting their contributions to national GDP, employment, and exports.
He pointed out that while Turkey is a leading global exporter of textiles, accounting for over 3.5 per cent of the world’s textile exports, Nigeria, alongside countries, like South Africa and Ethiopia, is a major producer of cotton and wool.
Arebun also noted that Turkey’s trade volume with Africa surpassed $40 billion in 2023, with the furniture and textile sectors representing a substantial share of the trade.
He said Nigeria’s furniture market, valued at over $2 billion, is expanding rapidly, with the potential for 300 per cent growth in the next few years.
Daniel Ayodele, founder of MEEI, discussed the critical role of policy, innovation, standards, and business etiquette in fostering growth in the furniture and textile industries.
He said the sectors are not only economic drivers but also reflect Nigeria’s cultural richness and creativity.
He emphasised the importance of effective policy-making in driving industry growth, suggesting that policies should support local manufacturers, attract investments, and ensure fair market competition.
Peller, an entrepreneur and former member of the 9th National Assembly, echoed the views, emphasising the need for policies that foster local manufacturing, attract investments, and ensure a level playing field for all market players.
He also highlighted the need for creating an enabling environment to stimulate production and encourage new market entrants.
Gabriel Idahosa, president of the Lagos Chamber of Commerce and Industry, said while the textile trade between Turkey and Nigeria is already well-established, the furniture sector holds significant untapped potential.
He said the ongoing expo has opened up numerous opportunities for Nigerians in the burgeoning furniture market.