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The African Development Bank has launched its Fashionomics initiative in Nigeria at the just-concluded Lagos Fashion and Design Week (LFDW), according to a statement released on Thursday. The AfDB’s Fashionomics initiative, which was first launched in 2015, seeks to develop Africa’s fashion industry as a tool for youth employment, women empowerment, industrialization, regional integration, entrepreneurship, and poverty reduction.

The Fashionomics initiative is designed to operate an online platform that aims to expose African designers and other stakeholders to the global market, attract international investment and improve skills development.

According to the AfDB, developing the textile, apparel and accessories (TA&A) sector in Africa could result in creating some 400,000 new jobs by 2025, if African TA&A exports grow from current levels of $3 billion to $5 billion annually.

“Fashion is not only about design or inspiration,” said Geraldine Fraser-Moleketi, AfDB’s Special Envoy on Gender. “It’s also a multi-billion dollar industry that creates millions of jobs. The combined apparel and footwear market in Sub-Saharan Africa is estimated to be worth $31 billion.”

The Lagos Fashion and Design Week was held from October 26 to 29, bringing together about 300 designers, entrepreneurs, fashion bloggers, investors, and representatives of international organizations, as well as other stakeholders from the textile and fashion industry around the world.

The Abidjan-based multilateral lender said the launch of the initiative at the LFDW included the dissemination of the final report and findings on Fashionomics, a demonstration of the dedicated online sharing platform, and a panel discussion featuring designers from Nigeria, Ethiopia, and South Africa alongside Nigerian government officials.

The panel comprised Aisha Abubakar, the Nigerian Minister of State for Industry Trade and Investment; Folasade Yemi-Esan, the Permanent Secretary in the Education Ministry; Chioma Dike, Special Assistant to the Lagos State Commissioner of Women Affairs and Poverty Alleviation; Olusegun Awolowo, the Executive Director/CEO of the Nigerian Export Promotion Council; Ousmane Dore, the AfDB Nigeria Country Office Director; and Omoyemi Akerele, Founder of Lagos Fashion and Design Week.