Once a flourishing industry, textile is now passing through a very depressing situation.
One of the reasons behind this is smuggling of textiles into the country, which has increased out flow of billions of naira.
Apart from this, other problems which led to virtual collapse of the textile industry in Nigeria are inadequate supply of electricity, Government officials-assisted smuggling and corruption. Insecurity of life and property has compelled textile manufacturing companies to close down.
Worried Government in an effort to restore the deteriorating industry, has established a 'Textile Revival Fund' where in NEXIM bank has raised a bond of 70 million euros.
The Federal Government has also directed the Customs service to strengthen its grip on anti-smuggling activities. It also called on neighbouring countries like Niger Republic and Benin Republic to lend a hand in curbing textile smuggling.
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