Nigeria Attracts $3.5 Billion Investment in Textile and Apparel Sector in One Year
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- Published: Friday, 31 May 2024 16:48
Nigeria has successfully secured investments worth $3.5 billion in its domestic textile, cotton, and apparel sector over the past year, marking a significant step towards revitalizing an industry that has long been dormant. This achievement was announced by Doris Uzoka-Anite, Nigeria’s minister of industry, trade, and investment.
Speaking at a recent press conference in Abuja, commemorating President Bola Tinubu’s first year in office, Uzoka-Anite emphasized that this influx of investment is expected to generate substantial employment opportunities for both skilled and unskilled workers across the country. "This investment will create jobs and stimulate economic growth," she stated, highlighting the broad impact on Nigeria’s workforce.
In addition to attracting investment, the ministry is actively developing a resurgence plan for the textile sector in collaboration with development partners and private sector players. This strategic plan aims to rejuvenate the industry, enhancing its competitiveness and production capacity.
To further support industrialization efforts, the ministry has issued import duty exemption certificates to over 50 manufacturers. This initiative is designed to foster expansion and increase production capacity, thus making the sector more robust and capable of meeting both local and international demands.
Moreover, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has played a pivotal role in job creation, with over 16,000 jobs generated in the past year through various programs and interventions. This initiative underscores the government's commitment to supporting small and medium enterprises (SMEs) as vital components of the national economy.
The $3.5 billion investment not only signals renewed confidence in Nigeria’s textile and apparel sector but also sets the stage for significant economic transformation. The combined efforts of government policies, private sector engagement, and international partnerships are expected to drive sustainable growth and position Nigeria as a competitive player in the global textile market.