Textile imports into Nigeria more than doubled in two years, hitting a 15-high despite efforts to revive the sector.
According to Kwajaffa, the country has at least 24 textile industries but only three are functioning properly because some ministries are patronising them, otherwise they would have closed down long ago.
But these firms disappeared in the 1990s as they were unable to compete in an atmosphere of smuggling, unbridled importation, inadequate power supply, inconsistent government policies and insecurity. “We will provide financial support to textile manufacturers with the provision of funds at single-digit rate, to refit, re-tools and upgrade their factories in order to produce high-quality textile materials for the local and export market,” Godwin Emefiele, governor of CBN, said.
According to Idahosa, these factors completely knocked out the industry’s capacity to compete worldwide. “And even if there is local production, the high inflationary environment will make the products less affordable in a country where there is so much poverty.”
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