Pan-African commercial bank headquartered in Nigeria, Polaris Bank has reaffirmed its commitment to support the growth of Small and Medium Enterprises (SMEs) in Nigeria, specifically in the fashion industry.
The Bank revealed this in a statement on Friday disclosing plans to co-sponsor The Fashion Souk 7.0.
The statement further noted that three successful entrepreneurs who emerge winners in a business pitch at the event will go home with N1 million, N500,000 and N250,000 for the overall winner, first runner-up and second runner-up respectively.
Speaking on behalf of Polaris Bank, the Group Head, Strategic Brand Management, Nduneche Ezurike, said: “Fashion and style enthusiasts can once again look forward to experiencing unparalleled fashion moments from Nigerian entrepreneurs.
“As an SMEs-friendly Bank, it is always our delight to explore opportunities to grow Nigeria’s Small and Medium Enterprises. Polaris Bank’s lead sponsorship of the 7th edition of The Fashion Souk, underscores our acknowledgment of the SMEs as the catalyst for Nigerian’s economic growth.
“This year’s Fashion Souk is unique as it provides an opportunity for the yuletide holidaymakers with an unforgettable shopping experience as visitors will behold the creativity of the Nigerian entrepreneurs, especially in the beauty and fashion space.”
Ezurike further stated that Polaris Bank’s continued partnership with EVENTFUL Limited stimulates the entrepreneurial spirit of many Nigerians, especially the new-age innovators in the key sectors of the national economy.
He commended Eventful Limited for visibly showcasing the enterprise amongst Nigerians.
Commenting on the essence of the SOUK, Founder and Chairman of Eventful Limited and Convener of the Fashion Souk, Yewande Zaccheaus, said: “Eventful Limited has been deliberate in using the platform of The Fashion Souk to create the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers.
“We are proud to once again contribute to the growth of the nation’s economy.”
More than 160 SMEs in Nigeria’s fashion industry, ranging from manufacturers to designers and retailers in clothing, kids fashion, textiles, jewelry, accessories, hats, bags, shoes and lingerie, are billed to showcase their creativity and product lines at the Fashion Souk.
According to a December 2021 industry report, the Sub-Saharan African fashion market is worth $31 billion, with Nigeria holding an expanding share of 15 per cent.
In line with its SME focus, Polaris Bank has partnered with and supported businesses in critical sectors of the Nigerian economy, including health, education, manufacturing, agriculture and export.
The Bank has advanced credits and indeed provided close to N70 billion to Micro, Small, and Medium Enterprise from January 2021 till date.
