Nigeria, Egypt to lead Africa’s fashion market with $2.5B revenue

Nigeria and Egypt are charting the course to dominate the African fashion landscape, encompassing accessories, apparel, and footwear.

These two nations are primed to collectively rake in a whopping $2.5 billion in revenue by the close of 2023. 

According to data analysed by Nairametrics on Statista, the Nigerian fashion market is anticipated to scale to $1.31 billion by 2023.

This figure is poised for robust annual growth at a compelling rate of 10.03% (CAGR 2023-2027), ultimately culminating in an estimated market volume of $1.92 billion by 2027. 

Furthermore, Nigeria is projected to boast a burgeoning user base of approximately 83.8 million users by 2027. With a user penetration rate of 24.4% in 2023, this is expected to ascend to an impressive 34.1% by 2027.

The average revenue per user (ARPU) is anticipated to reach $24.00. 

Also, Egypt’s fashion market is on a soaring trajectory, projected to touch $1.28 billion in 2023. With an annual growth rate (CAGR 2023-2027) surging at an impressive 16.40%, this market is forecasted to attain a market volume of $2.35 billion by 2027.  

In the realm of the Fashion market, Egypt is predicted to amass a user base of 56.4 million by 2027. Egypt’s user penetration, standing at 33.3% in 2023, is anticipated to ascend to an impressive 47.1% by 2027.