Ecobank, Ogun State Drive Adire Textile Export with AfCFTA Initiative

Ecobank, Ogun State Drive Adire Textile Export with AfCFTA Initiative

Ecobank Nigeria Limited, a leading Pan-African group has expressed its commitment to enhancing the export potential of Adire, a traditional Nigerian textile, leveraging the African Continental Free Trade Agreement (AfCFTA).

This initiative was revealed by Kola Adeleke, Executive Director of Commercial Banking at Ecobank Nigeria, during the Third Annual Ecobank event, “Adire Lagos Experience,” held in Lagos.

AfCFTA, as highlighted by the World Economic Forum (WEF), is a major continental trade agreement designed to remove trade barriers and foster intra-African trade and aims to create a vast single market comprising 1.7 billion people with a combined consumer and business spending projected to reach $6.7 trillion by 2030.

The Adire Lagos Experience showcased the craftsmanship of over 100 local exhibitors, featuring an array of Adire fabrics crafted by indigenous designers.

Adeleke emphasized Ecobank’s ongoing commitment to these artisans, stating that the bank will continue to collaborate with them to enhance the quality of their products for the export market.

The ultimate objective is to elevate Adire to an internationally recognized African brand, thereby boosting Nigeria’s economy through increased export activity, he said.

Also speaking, Fagbayi Oluwasesan, Ogun State Commissioner for Culture and Tourism, lauded Ecobank for its efforts in promoting the Adire culture. He highlighted the significance of Adire to Ogun State, recognizing the bank’s role in protecting and promoting this indigenous textile.

He  stated that the Ogun State Government is actively working to counter the threat posed by imported Adire fabrics, which undermine the local industry and expressed satisfaction with Ecobank’s initiatives to showcase and preserve this unique cultural heritage, stressing the importance of utilizing locally produced fabrics.