Textile manufacturers in Nigeria have asked for a special grant from Federal Government to revive the defunct textile industry.
Commenting on the current situation of the textile industry in Nigeria, the pioneer President, Nigerian Association of Carpet Manufacturers, Otuekong Jackson Udo, said more than 30 textile companies in Nigeria have gone extinct over the years and over 60,000 workers have lost their jobs while support companies, suppliers, distributors, carriers and others have their lost jobs and businesses.
In addition, he noted that “bad policies and rapidly increasing exchange rates made it impossible to import some vital raw materials needed for our production. The acquisition of loan facility was to ensure that the company’s expansion program runs smoothly. Unfortunately, the unstable government fiscal policies affected the expansion plan adversely.
He commended President Bola Ahmed Tinubu’s administration towards its efforts to revive the manufacturing sector and suggested that the government considers providing special intervention grants to manufacturers, with proper monitoring mechanism to ensure that only companies with requisite structure and infrastructure benefit from such support.