Women leaders, international business mogul and entrepreneurs across the globe under the aegis of Women Inspiration and Enterprise (WIE), an international organisation focused on the development of entrepreneurship in Africa, recently converged in
Lagos for its fifth annually held symposium, where series of subjects on entrepreneurship were comprehensively ironed out.
The WIE symposium was an ambitious and innovative event that brought together smart, engaged, forward thinking women who are interested in meeting like-minded individuals, expanding their knowledge and making a difference both locally and globally.
Amongst the series of topics discussed by panellists was a topic titled “developing African labels into viable business” (fashion
and luxury industry). The panellists who were on the hot seat to discuss the topic included Reni Folawiyo, founder Alara; Omoyemi Akerele, managing director, Stylehouse Files; and Obayuwana Jennifer, executive director, Polo Luxury Group.
“Despite infrastructural inadequacies in Nigeria, the high cost of Nigerian business environment is also an impediment to retail business operations in Nigeria. The cost of business operation in Nigeria is as high as that of New York where there seem not to be infrastructural deficit.
These challenges are become severe for key players and potential entrepreneurs to further deepen the industry, especially the fashion and luxury industry where power supply is inevitable”, said Obajuwana Jennifer in response to questions.
The high cost of business environment according to Obajuwana ranges from power consumption to the payment of rent.
Most often than not, for one to acquire a shop for you operate your business, you will need to pay one or two years up front, including the cost of fuel and gas.
Commenting on the luxury industry in Nigeria, she said the industry is a new one recently developed in Nigeria, though the it has been in existence in China for over twenty, but the industry had its origin in Britain, specifically from the Queen’ s palace.
Despite Nigeria being new in the luxury industry, Nigerians are soaring high, and also have good statistics as regards to luxury globally, she said.
As for Reni Folawiyo, founder, Alara she added that for potential players that wish to be part and parcel of the industry, there are
lot of things to be done so as to accelerate the growth from its present state. The acquisitions of skills, following international
best practices, honesty, global trend as well as being educated are indispensable in the industry, she said.
JUSTICE GODFREY OKAMGBA
