The recent Central Bank of Nigeria (CBN) decision to exclude the textile sector from the foreign exchange (forex) market will put over N 5 trillion worth of investments in jeopardy and may wipe off around 500,000 jobs, the Lagos Chamber of Commerce and Industry (LCCI) has cautioned. The decision would have grave implications for associated businesses, it said.
The chamber said this in a document titled ‘Comments on CBN Forex Exclusion Policy on Textiles’, according to Nigerian media reports.The recent Central Bank of Nigeria (CBN) decision to exclude the textile sector from the foreign exchange (forex) market will put over N 5 trillion worth of investments in jeopardy and may wipe off around 500,000 jobs, the Lagos Chamber of Commerce and Industry has cautioned. The decision would have grave implications for associated businesses, it said.#
LCCI feels the need to strengthen the capacity of domestic industries, enhance their competitiveness, and reduce their import dependence as espoused in the Nigeria Industrial Revolution Plan [NIRP].
More importantly, the chamber said, the epileptic power challenge needs to be addressed because it is almost impossible to achieve rapid industrialisation without resolving the issue of power and infrastructure deficit. (DS)
Fibre2Fashion News Desk – India
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