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Textile sector has very high inherent prospects – President

26
Oct '09
If the potential of the textile sector in Nigeria is very well harnessed, it has very huge prospects and can also add US $57 billion to the economy of the country, said the President of Nigeria, President Umaru Musa Yar'Adua.

Mr Umaru said this while addressing the first international conference on the textile industry, held in the capital; Lagos. He also regretted that the sector which used to be one of the highest revenue generators has slumped in recent times.

The President said that it would be the endeavour of his administration to harness the prospects inherent in the sector, or if possible, even surpass it and also put to a stop the continuing job losses.

He said the proposed N100 billion revival fund would once again rejuvenate the ailing sector and also expressed his desire to put a stop to the rampant smuggling of textiles and apparels into the country, which had brought the industry down to its knees.

Fibre2fashion News Desk - India


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