Once a linchpin of the nation’s economy, Nigeria’s textile industry is set for a revival with the announcement of $3.5 billion in new investments.
The significant development was disclosed by Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, during a sectoral report on President Bola Tinubu’s first year in office.
Speaking in Abuja, Uzoka-Anite detailed the government’s efforts to optimize the performance of the Nigerian cotton, textile, and apparel (CTA) industry through strategic partnerships with development partners and private sector stakeholders.
She reiterated the industry’s potential for growth given Nigeria’s abundant domestic cotton supply and its status as Africa’s largest market.
“So far, we have attracted $3.5 billion to unlock the textile quality apparel industry.
“As you know, Nigeria’s textile and apparel industry covers the entire clothing value chain and has a strong potential for growth, availability of cotton and the country’s largest market size,” Uzoka-Anite stated.
The minister highlighted the sector’s importance, noting its capacity to significantly contribute to the manufacturing sector, generate employment for both skilled and unskilled labour, boost exports, attract foreign direct investment, and reduce poverty.
According to her, the injection of $3.5 billion is expected to rejuvenate the textile industry, potentially reducing Nigeria’s reliance on imported textiles, which currently strain the country’s foreign reserves.
“Additionally, the revival of the textile sector is anticipated to create a substantial number of jobs, bolstering both the economy and social stability,” she added.
Uzoka-Anite expressed optimism about the ongoing collaboration between the government, development partners, and private investors.
“The next critical steps involve determining how these funds will be allocated and what specific initiatives will be undertaken to revitalize this historic industry,” she concluded.
Recall that the Federal government recently pledged to establish new industrial clusters and revitalize existing ones to facilitate the growth of Small and Medium Enterprises (SMEs) and industries nationwide.
Uzoka-Anite is committed to interacting with government officials and business community members in Kano State.
She explained that the industrial clusters would offer access to subsidized inputs, power, access roads, and other essential infrastructure to enhance the productivity and profitability of industries and SMEs.
