Textile sector of Nigeria may collapse if the existing shortage of basic raw material is not satisfied immediately, Nigerian Textile Manufacturers Association (NTMA) said.
This booming sector of 80s and 90s is now on the verge of collapse as it battles for survival due to scarcity and high prices of cotton and black oil on one hand while smuggled goods with counterfeit labels are literally killing the domestic manufacturers due to their low prices.
Production shortfall in cotton has led to steep rise in prices of raw material by 25 percent, and the Government failed to ensure availability of cotton for the textile sector, the association sources claimed.
If the industry grievinces are not redressed soon the industry will have to face job losses and export revenues will drop sharply to about $1.5 billion that it generates annually.
The Niger Delta crisis has also led to scarcity of fuel for the industry.
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