Ecobank to promote export of African brand ‘Adire’ with AfCFTA

Ecobank Nigeria Limited, a pan-African bank has announced its commitment to promote the export of Adire, a locally produced textile by utilising the African Continental Free Trade Agreement (AfCFTA).

This was disclosed by Kola Adeleke, executive director of commercial banking, Ecobank Nigeria during the third edition of its annual Ecobank event held in Lagos themed ‘Adire Lagos Experience’.

According to the World Economic Forum, AfCTA is the continental trade agreement aimed at eliminating trade barriers and boosting intra-African trade; projected to represent a single market of 1.7 billion people and $6.7 trillion in consumer and business spending for the region by 2030.

“The annual exhibition saw over 100 exhibitors showcase locally processed Adire attire made by indigenous designers. After the program, we are going to continue to partner, support and help them improve the quality of their products for export,” Adeleke said.

He added that the goal is to ensure that Adire becomes an African brand with global acclaim and grow the nation’s economy through exportation.

Fagbayi Oluwasesan, commissioner for culture and tourism in Ogun state commended Ecobank for promoting Adire culture to help improve the sector.

“The fabric is synonymous with Ogun State. We are the custodians of Adire. It is an indigenous textile from Ogun State and we have to protect it. That is why we are happy with Ecobank for what they are doing today, assisting us to showcase what God has given to us, protecting it, and telling the world that this is what is good for us to be using as fabric,” he said.

He stated that the Ogun state government had commenced measures to address the challenge of imported Adire fabric, which posed a threat to the Adire industry.