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The United Nations Development Programme (UNDP) and the Lagos State Government have called for stronger <a href="https://usglobalxpress.com/dangote-pushes-fisheries-investment-to-create-500000-jobs-msme-africa/” title=”Dangote Pushes Fisheries Investment to Create 500,000 Jobs – MSME Africa”>investment, improved access to finance and expanded market opportunities to transform Africa’s creative industries into major drivers of employment, exports and industrial growth
The call was made at the Stitch, Sell, Scale: Fashion, Leather and Creative Enterprise Spotlight held in Lagos, which brought together government officials, financial institutions, development partners and business leaders
Speaking at the event, the Lagos State Government said many entrepreneurs in the creative sector continue to face significant challenges despite the continent’s abundance of talent
According to the state government, limited access to finance, markets and business networks remains a major obstacle preventing many creative enterprises from expanding and competing globally
It noted that Lagos is working with development partners, financial institutions and private sector stakeholders to strengthen enterprise support systems, improve product quality and packaging, and empower women and youth-led businesses
The UNDP described Africa’s fashion, leather and creative industries as emerging economic sectors with the potential to generate large-scale employment, strengthen manufacturing and build globally competitive brands
The organisation, however, stressed that talent alone is not enough to drive economic transformation
It said the priority should be creating an environment where creative ideas can evolve into successful businesses capable of creating jobs, supporting industrial development and contributing to long-term economic growth
According to the UNDP, the creative economy generates value across multiple sectors, including raw material production, manufacturing, design, branding, logistics, retail and digital commerce, while also preserving Africa’s cultural heritage
Despite this potential, many businesses in the sector still struggle to access financing, investment, technology, market intelligence and business networks needed to scale their operations
The organisation emphasised that creativity can only translate into prosperity when entrepreneurs are connected to markets and have access to the capital required to grow their businesses
It also described the African Continental Free Trade Area (AfCFTA) as a major opportunity for creative businesses to expand across borders, strengthen regional value chains and build globally recognised African brands
According to the UNDP, Africa’s future economic growth will increasingly depend on innovation, entrepreneurship and stronger collaboration among governments, financial institutions, universities, development partners and the private sector
The organisation highlighted initiatives such as Timbuktoo, university innovation hubs and digital innovation centres as part of its efforts to connect African entrepreneurs with investment opportunities and new markets across the continent
For MSMEs operating in fashion, leather and other creative industries, improved access to finance, stronger market linkages and regional trade opportunities could unlock business expansion, boost exports, create jobs and position African brands to compete more effectively in global market
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