Nigeria and Egypt have set out to be the dominant fashion players in Africa, including accessories, clothing, and footwear.
The two nations are predicted to have a combined revenue of US $ 2,5 billion by 2023. Nairametrics’ analysis of Statista data projects that the Nigerian fashion market would grow to a US $ 1.31 billion industry.
It is estimated that the projected market volume will increase by a rate of 10 per cent annually (CAGR, 2023-2027), and will reach an estimated high of US$ 1.92 billion dollars in 2027.
Nigeria’s user base is predicted to grow from 24.4 per cent in 2023 to an astounding 34.1 per cent by the year 2027. The projected increase is from 24.4 percent in 2023, to a staggering 34.1 percent by 2027.
Egypt’s fashion industry is expected to reach US $ 1.28 billion in 2023, continuing its upward trend. This market is anticipated to reach a market volume of US $ 2.35 billion by 2027, with a compound yearly growth rate (CAGR 2023–2027) increasing at an astounding 16.40 per cent.
Egypt’s fashion market is predicted to reach 56,4 million users by 2027. Egypt’s user penetration, which is currently 33.3 per cent, is expected to soar to an astonishing 47.1 per cent by 2027.
Nigeria has a population exceeding 200,000,000, which makes it a very unique country.
Nigerians are also embracing the internet, and the National Bureau of Statistics estimates that 222.5 millions telephone subscribers will be in Nigeria by 2022.
Egypt has an impressive population with a population of over 100 million people and a young demographic, which includes many under 30 year olds. The fashion industry is driven by this group, which has a higher level of fashion awareness and an increased willingness to buy apparel and accessories.
Egypt’s reputation as a top travel destination, which attracts travellers from all over the world, supports the fashion industry further because tourists frequently go shopping and buy local clothing and gifts.