Minister vows to relieve textile trade barriers

19 Apr '10

2 min read

The newly appointed Commerce Minister of Nigeria said that, sub-Saharan Africa's second largest economy is overburdened with a number of trade obstacles. He assured the textile industry of alleviating those trade barriers over the next few months.

The minister also said that, with decades of experience in his pocket, he knew which were the real trouble areas, and therefore asked for a few weeks time, to sort out the trade issues.

At present, Nigeria has imposed a ban on importing finished textile goods and designs from foreign countries. The ban was imposed so as to give an opportunity to the local producers a chance to flourish.

But the industry sources believe that, doing away with trade barriers would render the industry more competitive while generating opportunities for international brands looking forward to invest in a market which is amongst the least exploited the world over.

Africa's most populated country with over 140 million inhabitants, with rapid urbanization and a budding middle class, extends investment opportunities in varied areas, scaling from retailing to banking.

A couple of funding institutions have agreed to provide finance for a $100 million shopping mall to be constructed in Ikeja, an expansive middle-income area near Lagos.

Another South African based retailer too, looks forward to establish 70 new shops in Nigeria over the next 10 years. Lagos will get at least 20 of these upcoming shops.

Fibre2Fashion News Desk - India

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