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Textile intervention fund not of much use to sector
17
Jan '11
The textile operators in Nigeria have claimed that the multi-billion naira textile intervention fund may not deliver significant results and may not aid in the revival of the textile sector as per the estimations.

They stated that, Nigeria is already at disadvantage owing to the absence of comparative advantage in textile production.

A top official of a leading textile group said that, it would be better for the country to divert its resources to other sectors where the country possesses better competitive advantage.

He said that, as they received some suggestions to opt for the fund, he countered these suggestions by stating that, they need to consider the dynamics. There is no scope for the Nigerian textile mills to compete with the textile firms of India or China.

The Federal Government constituted this fund in 2009 with an intention to make available the textile operators with cheap funds so as to drive them back to the sector.

This was based on the statistics that the textile sector could be revamped to once again become the largest employment generating sector of the country, just like it was in the past.

The official even stated that, it is not only the Nigerian textile sector that is being hit, but the European textile firms too are finding it difficult to stand in competition with Asian products in terms of price.

Fibre2fashion News Desk - India

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