Investors, government officials, and industry experts in Nigeria are excited about the potential economic benefits of the government’s efforts to revitalise the cotton and Textile sectors. During the meeting at the International Cotton Advisory Committee (ICAC) hosted by Vice President Kashim Shettima in Abuja, various stakeholders such as governors, industry representatives, and global partners witnessed the presentation of strategies aimed at generating employment opportunities, boosting the economy, and enhancing Security measures. Following the meeting, Governor Hope Uzodinma of Imo State discussed the transformative impact that the sector could have on the national economy.
He emphasised the importance of utilising international collaborations, expertise, and advancements to revitalise the stagnant fabric sectors. Governor Uzodinma compared the ICAC to a global hub for production, highlighting its opportunities for generating jobs, providing employment, and involving the youth. The governor recalled the sector’s golden era, stating that the fabric factories in the Isolo district of Lagos and Kaduna were renowned as hubs for cotton cultivation and weaving mills. He emphasised the importance of promoting the economy, generating employment opportunities, and transforming and adopting modern digital technologies to drive growth and development.
Babajide Sanwo-Olu promotes locally-made products over foreign imports.
During his post-meeting interview with the press, Governor Babajide Sanwo-Olu of Lagos State also emphasised the importance of supporting locally-made fabric over foreign imports. He pointed out that many clothing producers in the country use polyester over fabrics because it is more affordable. He emphasised the opportunity to cultivate superior cotton and decrease import dependency. He underlined the significance of analysing the complete value chain and encouraging domestic Manufacturing and consumption, pointing to data that revealed that 15 to 18 million Nigerians were previously employed in the sector.
Governor Sanwo-Olu conveyed optimism that revitalising the sector could generate millions of job opportunities in the upcoming years. He expressed gratitude for the ICAC’s backing and commended Vice President Kashim Shettima for his dedication to revitalising the enterprise. Also, during the meeting, the Comptroller-General of the Nigerian Customs Service, Adewale Adeniyi, expressed his commitment to combating Smuggling and revitalising the textile industry. He recognised the impact of smuggling on the industry’s progress, pointing out that issues such as investments, power, and yield must also be tackled for development.
Customs service vows to support policy improvement and security.
Adeniyi explained that the Customs Service has been directed to actively participate in revitalising the business by concentrating on developing and implementing policies. He blamed policy for the sector’s downfall yet vowed to diligently reassess and improve policies to facilitate the field’s resurgence. He promised that the customs service would try to secure the sector, reinforcing its dedication to stimulating economic recovery through the textile trade. On his part, Eric Trachtenberg, the Executive Director of the ICAC, is enthusiastic about the cotton industry’s future, highlighting an opportune moment in history for progress and expansion.
Trachtenberg observed that the nation benefits from affordable labour, Trade opportunities through the African Growth and Opportunity Act (AGOA) and EU Economic Partnership agreements, and a skilled workforce. He stated that ICAC is dedicated to helping the country reach its objectives, such as stimulating employment opportunities, increasing foreign currency reserves, and transforming the worldwide cotton market. He emphasised the possibility of the nation emerging as a key contender in the worldwide cotton sector, attributing this to its advantageous circumstances and proactive governmental authorities.
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Hamma Kwajaffa, Director-General of the Nigerian Textile Manufacturers Association, shared positive sentiments regarding the textile sector’s resurgence. He foresaw a rise in job opportunities and a decline in security challenges. He expressed the association’s satisfaction with the sector’s resurgence and anticipated a decrease in demonstrations. He further stressed the importance of creating a supportive atmosphere for cotton production, citing the importance of scientific knowledge in achieving maximum yields rather than just focusing on financial resources. Kwajaffa pointed out that raw material shortages and smuggling caused the closure of several textile mills. However, he remains optimistic about the industry’s future, predicting a significant increase in operational mills to around 70 from the current 24. He projected a resurgence in the textile industry, reminiscent of its former glory when 200 mills were scattered nationwide.