ABN – A committee set up by the Nigerian government to decide how to revive the country’s textiles industry has recommended that it invest N37.2 billion in the industry between 2016 and 2019.
The ‘Committee on Resuscitation of Cotton, Textile and Garments (CTG) Industry in Nigeria’ said the revival would also require using the N100 billion CTG fund domicile with the Bank of Industry.
It during its research that the number of textile manufacturers in Nigeria had fallen from 182 in the 1980s to just 34 today, and recommended that the federal and state governments also put effort into promoting local fabrics.
“This would enable the country to have sense of belonging like what is being done in the rice sector and make the textile sector boom,” said committee chairman Damilola Eniayeju.
He added that the proposed investment would serve as working capital for operational textile mills and help reopen about 80 mills that have been closed, as well as 23 ginneries.
The committee identified challenges to the CTG industry including smuggling and dumping of foreign textiles from Asian countries, electricity shortages and insufficient access to water.