The federal government had set up a N100 billion textile and garment intervention fund, and disbursed funds at rates of six per cent interest about six years ago. However, the impact of fund was modest since beneficiaries tended to refinance their existing loans and spent very little on capital investments.
The Nigerian textile industry is under performing due to the influx of cheaper fabrics from India and China, as about 30 operational textile mills in Nigeria are running at an average of 40 per cent of installed capacity.
Nigeria spent N24.7 billion ($130 million) on textile imports in Q3 2015, according to National Bureau of Statistics (NBS) data. The country is projected to import textiles worth N27.5 billion (around $140 million) by the end of the year 2016.
Meanwhile, the Bank of Industry has blamed the various state governments' for their failure to efficiently implement the national cotton, textile and garment policy in their respective states for the collapse of textile companies across the country. (NA)
Fibre2fashion News Desk - India
Textiles | On 29th Apr 2017
The textile sector could have a uniform Goods and Services Tax (GST)...
Textiles | On 30th Apr 2017
Indian Government is working to revamp the technology mission on...
Apparel/Garments | On 30th Apr 2017
Columbia Sportswear Company has announced record net sales of $543.8...
Hindoostan Innovation Centre
‘Modern technical textile is an indispensable tool for science and...
We are using Facebook and Instagram to promote ourselves
‘Online economy has changed the whole dynamics of buying habits.’
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...
Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...
Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
Silvia Venturini Fendi
"Yes, my confidence and positive attitude are my strengths and should be...