Nigeria, Turkiye $2bn Furniture, Textile Market to Grow by 300 Percent
Segun James
The Nigeria and Turkiye furniture and textile market is set to grow from $2 billion to over $6 billion in the next three years. This figure represents over 300 percent growth.
This is as former lawmaker, Shina Peller, along with key stakeholders from the furniture and textile sectors have shared insights on how the federal government can foster growth in this crucial sector of the growing real estate market in the country
The President of MEEI Program, Martins Arebun, in a paper on the Economic Significance of Furnitue and Textile Sectors on the nation’s economy, disclosed that they also contribute significantly to the national GDP, employment and export.
According to him, while Turkiye is one of the top global exporters of textiles and accounts for over 3.5 percent global exporters, Nigeria along with South Africa and Ethiopia among others are leaders in the production of cotton and wool.
Arebun disclosed that Turkiye trade volume within continent exceeded over $40 billion in 2023 and it is growing with the textile and furniture sectors accounting for significant portion.
“Nigeria’s furniture markrt is valued at over $2 billion and it is growing annually with a potential for over 300 percent growth in in the next three years,” he said.
Speaking on the Role of Policy, Innovation, Standards, and Etiquette in Boosting Nigeria’s Furniture and Textile Sectors at ongoing Furniture Expo and Exhibition held at the Land Mark Centre, Victoria Island, the founder of MEEI, Dr. Daniel Ayodele, said that the sectors are “not just integral parts of our economy; they also reflect our culture, creativity, and capabilities.”
Said Ayodele: “The furniture industry has seen local artisans produce unique, culturally relevant pieces that reflect the rich heritage of our nation. Additionally, the textile sector boasts a vibrant history, from traditional weaving to contemporary fashion design.
“However, to truly elevate these industries, we need cohesive policies that foster development, incentivize innovation, and reinforce standards while embracing proper business etiquettes.
“First and foremost, effective policy-making is paramount in driving growth within the furniture and textile sectors. Policies must be designed to support local manufacturers, attract investments, and ensure fair market competition.
“The restriction placed on importation of furniture, textile materials and other items made by the then administration of President Buhari was commendable. By creating a favorable business environment, policymakers can stimulate production and encourage new entrants into the market.”
In his paper, Shina Peller, an entrepreneur and former member of the 9th National Assembly, emphasized the importance of effective policy-making in driving sectoral growth.
“Policies must be crafted to support local manufacturers, attract investments, and ensure fair competition,” Peller stated.
He lauded the restriction on the importation of furniture and textile products under the administration of former President Muhammadu Buhari, describing it as a step in the right direction, he stressed that creating a conducive business environment will help stimulate production and encourage new market entrants.
The President of the Lagos Chamber of Commerce and Industry, Dr. Charles Idahosa, in his speech, stressed that the Expo has opened potential opportunities to Nigerians in the growing furniture market in the country.
Idahosa admitted that while the textile market between Turkiye and Nigeria is already established, the furniture sector has potential for growth in the country.
