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Manufacturing sector key to develop economy
Jan '08
Textile industry experienced many ups-and-downs in 2007, especially taking a tragic downturn in the latter part of the year.

With many textile firms forced to close down due to persistent problems, the industry left over 10,000 labourers unemployed. Smuggling of cheap textile and garments also became a major concern for the industry.

National Union of Textile, Garment and Tailoring Workers (NUTGW), alarmed by the country's situation, has urged the Government to take aggressive steps so as to control the rapidly deteriorating state of affairs.

President Umar Yar Adua has suggested that the administration must focus more on the manufacturing sector as a way of developing economy. It is also importatnt to shift focus to value-added products, which earn higher revenues for the country

Letter said that the immediate critical challenge was the urgent formulation of effective policy for industrial, wealth and employment generation, which will help Nigeria return back to the path of reindustrialization.

Recommending that a new national minimum wage be implemented, the request concluded, “Capital market is increasingly getting bullish with soaring stock prices while labour market is completely depressed with massive unemployment and underemployment. In 2008, we must close the widening gap between labour and capital and consequently bridge the space between the poor and the rich."

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Courtesy: H&M

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