Market Analysis: Lagos Market In Nigeria

Nigeria is one of the ancient countries in Africa. Lagos is its economic and financial center. Before 1991, Lagos was the capital of Nigeria. "Lagos is the richest state in Nigeria, producing about $90 billion in goods and services annually, and its economic strength exceeds that of most African countries, including Ghana and Kenya," the economist said To this end, the report team of global textile network specially plans "global textile market". This issue will take you to Lagos Baolong market and learn about the textile industry in Africa.

Lagos

The Federal Republic of Nigeria is the most populous country in Africa and the largest economy in Africa. It is located in 6 ° 27 ′ N and 3 ° 24 ′ e. it is located in the southeast of West Africa and the peak of the West Bank of the Gulf of Guinea.
Lagos, located in the southwest of Nigeria, is the largest city in Africa. The sunshine is bright all year round, the coast is near the lake, and it is near the equator but not hot. Palm whirling, coconut trees swaying, green trees, green water, fish and gulls flying, known as Venice of Africa.

Analysis of Nigeria textile industry
Nigeria is the largest economy in Africa and once had a booming textile industry. During the golden period of 1985-1991, the annual growth rate of the textile industry was 67%. In 1991, there were more than 350000 employees in the textile industry, accounting for 25% of the total number of manufacturing workers in Nigeria. At that time, there were about 180 textile mills in operation.
However, due to unstable power supply, high financing costs and outdated production technology, all textile mills have been closed except 25 textile mills which are still in operation. In 2009, the Nigerian government set up a 100 billion naira textile and clothing intervention fund, which was allocated to the textile companies in Nigeria at the interest rate of 6%, in an effort to revitalize the textile industry.
In terms of labor advantages, power development prospects and raw material advantages, Nigeria's textile industry still has great potential. "The progress we've made in our business is that we now have our own pattern designers who can draw designs and send them to China to make textiles and send them back to us," said ismaila Abdullahi, a textiles trader According to statistics, Nigeria spends about US $4 billion on the import of textiles and clothing every year, and it is estimated that the population of Nigeria will exceed 200 million, and the domestic market demand is huge.
According to the merchants who often visit Nigeria, "the relatively cheap, solid color, printed fabrics are now better sold. The local people regard red and black as unlucky, and wear these two colors less. The local government also opened a home furnishing base similar to IKEA, and imported hundreds of thousands of US dollars of curtain cloth art from Keqiao and other places in Zhejiang Province of China every year. In addition, before going to Africa, you need to go to the vaccination center 10 days in advance to get yellow fever and other vaccines, and get Xiaohuang: international certification of vaccination or preventive measures. "

Balogun Market: special textile market in Lagos
Lagos is the busiest market. Balogun market must be one of the busiest markets. You can find everything there, especially fabrics. Baolong market sells imported textiles and fabrics. Most of the practical footwear and clothing shops are available. This market is open to the public all year round. If you choose to hang out in the Baolong market, you can see Nigerian men wearing long sleeve shirts, thin legged pants, white robes and a white hat. Their clothing colors are mainly white, yellow and brown. Women are usually wrapped in colorful calico. If they wear sweaters, they are usually equipped with a piece of gorgeous calico tied around the waist, which has a unique style. At the same time, Xiaobian reminds you to pay attention to your personal property. The huge market flow of people provides pickpocketing cover for the thieves in Lagos. Therefore, don't be dazzled by a wide range of commodities, so as to avoid the situation that you have chosen the goods you want but have no money to pay.

Market address: 49 balogun st, Lagos Island, Lagos, Nigeria

Built in the 1970s, Baolong market is the best place to buy Fabrics, shoes and clothing on Lagos island. A major fire broke out in the market on a Monday morning in 2015. At about 4:30, starting from a square containing many business places and eventually spreading to other places, items worth millions of Naira were burned in the fire.
Textile City enterprises enter Hanoi
As a national strategy, the belt and road initiative has been vigorously promoted and implemented in various industries and at all levels. In recent years, China Textile City has actively responded to the initiative and vigorously carried out the "Silk Road Keqiao · global" exhibition, encouraging enterprises in the textile city to go out to seek business opportunities, open up the international market, and enhance the brand image of Textile City Enterprises and the international influence of textile city.

On November 4, 2019, Keqiao District Bureau of Commerce and Zhejiang China Light and Textile City Group Co., Ltd. organized Keqiao enterprises' Africa trip for the first time. Led by global textile network, online Textile City and e-textile exhibition, 19 Keqiao district enterprises formed a "Keqiao International Textile City Exhibition Group" and went to Nigeria to participate in the 33rd Lagos international trade exhibition, which lasted for 4 days The service mode of "enterprise order, government group purchase and package Exhibition" was tried out, and Keqiao Textile products and regional brand image were comprehensively promoted by the way of "unified organization, unified exhibition arrangement and unified publicity", so as to help Keqiao enterprises to explore emerging markets in Africa. In addition, the whole tour also visited Nigeria and Ethiopia, two major emerging markets in Africa, and visited a series of business docking activities such as Ethiopia textile industrial zone and Ethiopia international textile exhibition.
Africa has low manufacturing costs, a young population structure, rapid economic growth, and strong demand in emerging markets, which is more suitable for the development of textile industry with more employment. The huge industrial complementarity makes Keqiao's trade with non textile industry keep rising rapidly in recent years.
Through the "Silk Road Keqiao · all over the world" overseas tour exhibition of China Textile City, it not only helps Textile City Enterprises "go out" to find cooperation opportunities, but also has a deeper contact with the African market, so as to increase the driving force for Textile City enterprises to explore the African market.

By the time of publication, Nigeria's new crown epidemic is still continuing, the infection data is growing, and more attention should be paid to the prevention of business travel. (text / Dahui; photo / global textile web gallery)