From personal lives to business, religion, and socialization, human beings have every reason to be clothed. It is one of the basic needs of human life. According to Abraham Maslow’s Hierarchy of Needs, the first set of needs (the most basic of needs) is referred to as psychological needs, which has clothes included, alongside food, shelter, and water.
People wear clothes for cultural reasons. People wear clothes for personality sake. People wear clothes to enhance personal appearance. People wear clothes to protect the body from extreme heat or extreme cold. People wear clothes to look decent in public. There are several other reasons why people wear clothes. But most importantly, people wear clothes because no one walks naked. So, about 170 million Nigerians must wear clothes. Everyday!
What a market! And yet, this same market is among those that have greatly suffered from inadequate local production as the influx of foreign-made fabrics held sway over the years. The low production also ensures that fewer Nigerians are employed in the textile industry. If you can imagine what the situation would look like for Nigeria to import most of the water and food that her citizens must consume, then you can imagine what it is like in the Nigerian textile industry, where most of our fabrics are imported, for a country where cotton can grow. In this edition, Olumuyiwa Falola takes us through time as he chronicles the Nigeria textile industry, from the beginning until now, while proffering the ways forward for a more vibrant textile industry.
Although the aviation industry has been featuring in Business Eye lately, this edition also holds some aviation stories as Patrick Aigbokhan reports that the industry is in dire need of help as the economic recession and the unfavourable foreign exchange are making it difficult for the operations in that industry to have peace. And justifiably so, especially as some local operators shut down operations, while others at the verge of shutting down, and some foreign operators already left the shores of Nigeria operations.
There is also the lesson from Wells Fargo, a very strong US banking giant. Challenged by the 2008 – 2012 recession in the US, the bank had encouraged its employees to engage in what is now looking like sharp practices that ensured financial gains for itself but which shortchanged lots of its customers. Talk about doing the right thing even at the worst times! The story highlights how businesses should locate blue oceans in times of crises to avoid getting muddled up in the red oceans.
There are several other stories in this edition for your reading delight. But aside that, we are excited. Business Eye has done a full cycle of nine years. Yes, nine years of hard work and tenacity. At that age, a business venture has come of age. Despite the ups and downs and the occasional harsh operating conditions, Business Eye has made it almost into a decade. And you all made it possible – readers, advertisers, distributors, and other stakeholders.
In the next edition, we will be showcasing the magazine and its journey over the last nine years even as we bring you expert opinions on what to expect as the year beings to wind down.
Let’s keep the ball rolling and we look forward to an exciting close of 2016 and expectations of an economic recovery in 2017.
– Ofuma Agali
Published in the Business Eye’s print version,October 2016 edition.
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