Ecobank, firm eye $700bn global furniture market

Ecobank Nigeria and Design Week Lagos have expressed a desire to see Nigerian brands play competitively in the global furniture market valued at over $700bn.

At a press conference held in Lagos on Tuesday, the partners said that the Design & Innovation Exhibition held at the Ecobank Pan-African Centre would serve as a launchpad for Nigerian creatives in the design space.

According to Statista, the furniture market worldwide is projected to generate a revenue of $799.46bn in 2025. Based on the Compound Annual Growth Rate from 2025 to 2029, the market is expected to grow at a rate of 3.73 per cent annually.

Head of SME, Partnerships, and Collaboration at Ecobank, Omoboye Odu, in her comments, reiterated the commitment of the bank to improving the lot of small and medium enterprises in Nigeria.

She said, “We have come to realise that to change the narrative for SMEs in Nigeria, we cannot do it alone. We have always looked out for the right partners, and one of our mantras has been protecting Nigerian creatives. We met Titi Ogufere last year, and we have seen what she has done with Design Week Lagos, and we have come to realise she’s the best partner for us to show that we are committed to projecting Nigerian creatives in the design space.

“More importantly, we are creating a platform to support these young creatives and help them scale and become global brands.”

The founder of Design Week, Lagos, Titi Ogufere, called for collaborations and support from the government and financial institutions to empower players in the design space.

She added that the Design and Innovation Exhibition is to show the possibilities in the Nigerian manufacturing and creative industries.

She said, “We have a pool of creative talents, and we want to showcase the work that has been going on behind the scenes that people don’t know. The theme of this exhibition is ‘Building a Made in Nigeria brand.’

Italian brands that we all see and love were built like this. I believe that anything that should be used here has to be designed here.

“What we have been focusing so much on is what has been happening outside Nigeria, and most of them don’t work for our market. We are trying to urge the government and financial institutions to support this industry. It is a thriving industry. The global furniture industry is over $700bn. It’s huge, so the possibilities are endless. I have been going to fairs, and a lot of these things are the same because it is the same set of people who have been designing; meanwhile, we have Africans and Nigerians who were born into creativity. We are beginning to push this creativity and say manufacturer for us and our export. Design is what builds economies. So, we’re encouraging the government; we’re encouraging the financial institutions to see the gap in the area that they’ve been looking for. The missing link, we’re saying, is we’re here; come and work with us because we can bring Nigeria to real oil.”

There are 58 designers scheduled for the exhibition, including manufacturer-designer collaborations.