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Cotton export dents industrialisation: Nigerian Minister
27 Mar '18
1 min read
Continued export of raw cotton with little or no value addition by the African producers is unsustainable due to global instability in the prices of the commodity, cautioned Nigerian minister of state for industry, trade and investment Aisha Abubakar at the 16th African Cotton Association (ACA) annual international congress in Abuja recently.
Though Nigeria does believe in the unmatched opportunities for economic growth and development the cotton sector offers African economies, the quest for industrialisation can only be attained if the countries can develop this viable sector and put in place a profit- oriented goal and setting an agenda and a performance-based review, a report in a Nigerian newspaper quoted Abubakar as saying.
While Asia produces 60 per cent of global cotton output, Africa produces only about 16 per cent in spite of its huge potential, he said., adding that Africa’s quest for industrialisation can be achieved by developing this viable sector. (DS)
Though Nigeria does believe in the unmatched opportunities for economic growth and development the cotton sector offers African economies, the quest for industrialisation can only be attained if the countries can develop this viable sector and put in place a profit- oriented goal and setting an agenda and a performance-based review, a report in a Nigerian newspaper quoted Abubakar as saying.
While Asia produces 60 per cent of global cotton output, Africa produces only about 16 per cent in spite of its huge potential, he said., adding that Africa’s quest for industrialisation can be achieved by developing this viable sector. (DS)
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