Home / Knowledge / News / Textiles / African textile industry falters despite AGOA
African textile industry falters despite AGOA
28
Aug '08
The global textile and garment market, is valued at around US $400 billion which is an impressive figure that attracts entrepreneurs from around the world to venture in the sphere. Unfortunately for the African sub-continent and for Nigeria in particular, the trade has not been very profiting.

At a seminar on textile industry, it was pointed out that the market share of Africa in the global trade in textile and textile related businesses, as estimated in June 2008, stands at a mere $200 million, which is indeed a very small fraction of the world trade.

Obia Ofem, one of the spokesperson at the event, told the stakeholders that while a large number of African countries are taking endeavors to make the most of the opportunity thrown open by African Growth and Opportunity Act (AGOA) and other preferential trade concessions by EU, the Nigerian industry is still grappling to find a space in the international market.

The country has practically taken no initiatives towards taking this opportunity for expanding its textile industry. Even the availability of massive resources and cheap manpower could not help the country secure a place on the export charts.

If the situation continues in the present way and if measures are not taken to improve the market conditions, experts believe that by 2009, the entire chain of textile factories in the country would meet a disastrous fate.

On the global front, textile production is expected to grow by 25 percent by 2020 in which the Asian region is likely to be a major contributor. Abolition of quota regime since the start of 2005 has made the continent a hub for textile trade.

This is also because of most of the Asian countries instead of resorting to imports for their raw material supplies, opted for investing heavily in backward integration projects jsu like their counterparts in developed countries. This gradually strengthened the textile base in countries like China, India and Bangladesh.

As a result, most of the textile trade is concentrated in Asia and is being monopolized by countries like China, India, Bangladesh, Vietnam and even Cambodia who are rapidly capturing the value added textile market deserted by the developed nations due to high cost of production.

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search