Footwear sales in Nigeria, South Africa, and other Sub-Saharan African countries contributed $24 billion to global textile and apparel exports in 2023. Euromonitor International research disclosed this on Tuesday in its latest statement. The report said footwear sales account for over 30 per cent of the apparel industry in Sub-Saharan Africa.
'In 2023, footwear sales accounted for over 30 per cent of the total market in South Africa and Nigeria. Footwear leads these markets in value share, followed by womenswear and menswear . The category continues to be influenced by consumer preferences and economic and competitive factors', the report stated. Meanwhile, Rubab Abdoolla, Consultant at Euromonitor International, said Nigeria recorded 5 per cent growth in the footwear industry last year.
'Despite being a small market by global standards, Sub-Saharan Africa occupies a growing percentage of the global apparel and footwear market. According to Euromonitor research, SSA contributed USD24 billion to the global textile and apparel exports in 2023. 'Nigeria recorded strong results with a growth rate of 5 per cent last year. The country's retail landscape relies on informal markets, accounting for over 80 per cent of sales.
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