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Removal of ban on textiles not likely to affect local production
08
Dec '10
Olusegun Aganga – the Finance Minister of Nigeria tried to explain why the Federal Government had removed the prohibition on textile products. He pointed out that this measure is not likely to have any impact on the domestically manufactured textiles.

The Federal Government had removed the ban on several overseas items like toothpicks, furniture, fabrics and vehicles from import prohibition list. The amendment in the policy has caused apprehensions among the country's manufacturers.

The Finance Minister, while speaking at the re-opening of the United Nigeria Textile (UNT) PLC in Kaduna, revealed that the government would not take any such measure that would impede the process of growth and development of the manufacturing units in the country.

He added that the revenue generated from the duties that are paid by the importers on commodities would be directed towards providing better infrastructural facilities, which will help in offering a stimulus to the domestic industries.

He further added that the removal of ban on several imported items is not likely to affect those items which are manufactured domestically. The government is dedicated to the cause of protection as well as promotion of domestic industries. The government is likely to generate proceeds from the duties imposed on various commodities.

He, however, did not name the items which are going to be influenced by the policy. He also emphasized on the issue of incentives which the Federal Government is likely to take up in order to help the manufacturing units to prosper.

Fibre2fashion News Desk - India


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