Ecobank Nigeria Commits to Enhancing Adire Export Potential Amidst AfCTA Opportunities
Written by Jerry Alomatu on June 18, 2024
Ecobank Nigeria has reiterated its dedication to bolstering the export capacity of locally produced textiles, particularly Adire, leveraging the African Continental Free Trade Agreement (AfCTA). Speaking at the third edition of the annual Ecobank ‘Adire Lagos Experience,’ Kola Adeleke, the Executive Director of Commercial Banking at Ecobank Nigeria, highlighted the bank’s strategic focus on promoting Adire within the framework of AfCTA.
The AfCTA aims to eliminate trade barriers and stimulate intra-African trade, projected to create a single market of 1.7 billion people and $6.7 trillion in consumer and business spending for the region by 2030, according to the World Economic Forum.
The event, held at the Ecobank Pan African Centre in Lagos, featured over 100 exhibitors showcasing locally processed Adire attire crafted by indigenous designers. Adeleke expressed Ecobank’s commitment to supporting these merchants beyond the exhibition, emphasizing capacity-building and quality enhancement to position Adire as a globally recognized African brand.
He underscored the significance of the initiative in contributing to Nigeria’s economic growth and outlined Ecobank’s strategy to profile merchants on its single market trade hub, facilitating export opportunities within Africa and beyond.
Adeleke emphasized that the Adire Lagos exhibition aligns with Ecobank’s broader efforts to bolster the creative industry in Nigeria, underscoring the bank’s role as a pan-African institution operating in 33 countries across the continent.
In response, Dr. Fagbayi Oluwasesan, the Commissioner for Culture and Tourism in Ogun State, lauded Ecobank for its role in promoting Adire culture and supporting sectoral development. During his visit to the fair, Dr. Fagbayi emphasized the cultural significance of Adire to Ogun State, expressing gratitude for Ecobank’s efforts to showcase and protect indigenous textiles.
Addressing the challenge of imported adulterated Adire fabric, Dr. Fagbayi highlighted measures undertaken by the Ogun State Government, including legislative initiatives to curb the influx of counterfeit products. He affirmed the state’s commitment to preserving the authenticity of Adire and its ongoing collaboration with federal authorities to address the issue effectively.
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Author: Jerry Alomatu
Astute communicator
