The recently inked deal between the African Export-Import Bank (Afreximbank) and the government of The Bahamas to launch an Afro-Caribbean Marketplace on Grand Bahama will mean a boon in Nigerian fashion and fabric recognition and sales, according to an article published in BusinessDay Nigeria.
The article uses the story of Barbados-based entrepreneur Vicki Otaruyina, whose visit to Nigeria in 2021 prompted her to start a business selling Nigerian fabric in Barbados, and eventually throughout the Caribbean.
The article explains that while Otaruyina found a successful niche, it isn’t without its challenges.
“V&S Prints and Designs has been involved in small-scale export of fabrics and fashion from Nigeria, bringing materials in suitcases to Barbados and the Caribbean, but is now working to do a shipment,” the article said.
Otaruyina, whose husband is Nigerian, said her trip to Nigeria changed her life when she encountered the country’s textiles.
“‘We will be doing customized designs and giving persons the opportunity to have designs done, select their materials, we make it and they get it in the United States of America, Canada, Caribbean or wherever they are,’ Otaruyina told Go Local in a LinkedIn chat,” the article said.
The article outlines several barriers to trade that exist between Africa and the Caribbean, including the lack of bilateral or free trade agreements, which leads to increased costs.
It added that delays in obtaining the necessary import certificates are also a barrier faced by the Caribbean region.
“Regulatory obstacles and lengthy certification processes can hinder market entry,” the article said.
The old International Bazaar and Royal Oasis site in Grand Bahama, that the government is seeking to purchase, will become the trade and expo hub for 20 Caribbean islands, 16 Bahamas island destinations, and 54 African countries.
The BusinessDay article states that the Afro-Caribbean Marketplace will feature 90 outlets that will sell genuine African and Caribbean products.
President and Chairman of Afreximbank Group Benedict Oramah said in the article that the Afro-Caribbean Marketplace will support trade logistics for the rest of the Caribbean.
“Afreximbank is very pleased to be providing funding towards the development of a unique Afro-Caribbean marketplace and trans-shipment project in The Bahamas. It is a strategic investment that allows us to realize our vision of positioning the Caribbean as the trans-shipment hub for Africa’s trade with the Americas,” said Oramah.
The article added: “The Afro-Caribbean Marketplace is poised to spur economic growth, nurture the development of small and medium-sized enterprises (SMEs), and facilitate cultural exchange, creating a dynamic environment that harmonizes the best attributes of both regions.”
The article also quotes Minister for Grand Bahama Ginger Moxey as saying the initiative will strengthen the country’s ties with Africa.
Otaruyina said in the article that her visit to Nigeria shifted her perspective of the African continent and spurred her entrepreneurial opportunity.
“I can’t forget to mention the impact that African fashion, specifically Ankara fabric, had on my life. I was truly blown away by the beautiful materials available in Nigeria, and saw a unique opportunity to bring authentic African fabrics to the Caribbean,” she said.
“This experience led to the creation of V&S Prints and Designs, which now provides genuine African materials to the people of Barbados and the wider Caribbean.”
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Publish date : 2024-08-16 00:15:00
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