Nigeria urged to revitalise CTG sector to attract FDI, boost growth

08 Aug '22

1 min read

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Stakeholders in Nigeria’s cotton, textile and garment (CTG) sector recently urged the federal and state governments to reposition the sector to enable it to contribute to the economic development of the nation. Adams Oshiomhole, former national chairman of the All Progressives Congress (APC), said the sector, if revitalised, could attract foreign direct investment (FDI) for massive industrialisation.

He was addressing the maiden edition of the Paul Sunday Achimugu CTG annual lecture series in Abuja organised by the Paul and Mary Achimugu Foundation.

Due to a number of factors, the sector is currently in a state of near-total collapse, and needs urgent attention, he was quoted as saying by Nigerian media reports.

He said the government must offer power at special tariffs for the sector, invest to upgrade obsolete machinery and control the borders more aggressively and tightly to reduce smuggling and influx of second-hand clothing.

The government should engage with China, offer special treatment for the sector in terms of tax and finance, and establish industrial clusters with shared facilities, he added.

Fibre2Fashion News Desk (DS)

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