Nigeria's textile industry gets $3.5 billion boost

Nigeria's government is investing heavily in reviving the struggling cotton, textile, and apparel industry. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced a $3.5 billion investment plan to optimize the industry's performance. This comes despite years of import surges and failed intervention programs.

The textile industry was once a major employer and economic contributor in Nigeria. However, cheap imports have crippled domestic production. Despite efforts like the Central Bank's funding and import restrictions, the industry continues to struggle.

Uzoka-Anite acknowledged the industry's potential for job creation, foreign investment, and export earnings. She highlighted Nigeria's large domestic market and abundant cotton as key advantages. The new plan, developed with public and private partners, aims to unlock this potential.

The ministry is also collaborating with the National Automotive Design and Development Council to explore further opportunities within the textile sector. This collaboration suggests potential for using domestically produced textiles in the automotive industry.

With this significant investment and a focus on collaboration, Nigeria is hoping to revitalize its textile industry and unlock its economic potential.