Designtactics Interiors, a homegrown interior design firm marked a significant milestone recently by inaugurating a N56 million furniture manufacturing facility in Yaba, Lagos. The move was in line with its bid to revive growth in the local furniture sector.
Through its investment in local craftsmanship, the firm is making spaces come alive with creative interior designs and furnitures.
The Nigerian Furniture market’s revenue for 2023 is estimated at US$5 billion, with the largest segment being Living Room Furniture, accounting for US$2 billion, as reported by Statista, a German data visualisation platform.
Nigeria experienced notable growth in 2021 due to the pandemic, as home-focused investments surged but challenges arose in 2022 amid eased restrictions and inflation.
However, the data firm reports that the market may expand in 2023 as consumer spending remains resilient and ann essential factor for sustained growth is the millennial demographic, poised to buy homes soon.
“Furniture retailers can thrive by catering to millennials’ priorities of functionality, sustainability, and affordability. Innovative, eco-friendly, and cost-effective products are likely to flourish in this market segment,” the report read in part.
The establishment of the factory is a strategic step towards reducing the country’s reliance on imported furniture, as well as promoting domestic industry growth, according to Aisha Yusufu Ishaku, the CEO and creative director of Designtactics Interiors.
Speaking further, the CEO said the challenges posed by the COVID-19 pandemic inspired starting Designtactivs.
“Amid the pandemic, obtaining furniture from our suppliers overseas, especially China and Turkey, became increasingly difficult due to disruptions caused by the lockdown or movement restriction. Coupled with exchange rate fluctuations and the need to address unemployment, building the factory became imperative,” shared Aisha Yusufu Ishaku.
She also emphasised Designtactics’ commitment to nurturing the local industry, enhancing employment opportunities, and contributing to the strengthening of the national currency.
“Our flagship store is in Lekki, where we solely showcase our imported furniture,” she said. “But, with this factory, we are integrating backwardly to develop the local industry, create employment and boost the Naira.”
Furthermore, Ishaku revealed expansion plans, stating that the brand is set to establish a presence in Abuja later this year. She also encouraged governmental support for local businesses and conducive environments for growth.
Yusufu Ishaku, chairman of Designtactics Interiors, in his remarks said “Designtactics Interiors is recognised for its comprehensive services, spanning on-site consultation, project analysis, corporate designs, furniture design and manufacturing, renovations, and turnkey projects. We’re dedicated to building a thriving local industry for a stronger Nigeria.”