Home / Knowledge / News / Textiles / Nigeria unveils plans to revive CTG industry
Nigeria unveils plans to revive CTG industry
08
Jul '16
The Nigerian government has unveiled plans to create a production hub and offer tax incentives to revive the cotton, textile and garment (CTG) industry for sustainable economic development.

Nigeria's textiles industry is virtually tottering under the onslaught of cheap imports and smuggled clothing. Measures to stimulate growth in the industry include tax incentives, harmonised tax structure, infrastructural development and financing, as well as creation of a production hub for cotton industry and Information, Communication and Technology (ICT) sector.

Minister of State for Industry, Trade and Investment, Mrs Aisha Abubakar, announced these plans recently at the Textile and Garment Manufacturing Conference organised by Africa Fashion Week Nigeria (AFWN) 2016 in Lagos.

She said that the government would continue to create an enabling environment to promote the ease of doing business and active participation of the private sector to boost production.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BoI) have been repositioned to implement National Enterprise Development Programme (NEDEP) goals to boost SMEs' development in the country, the Minister said.

“Nurtured MSMEs can contribute to GDP, job creation and wealth for the citizens. We urge all stakeholders to contribute to economic growth by giving their best so that we can have a Nigeria that we can all be proud of,” Abubakar said.

Joseph Babatunde, Head, Large Enterprises, Bank of Industry, said that the bank believes in the potential of the African textile industry, which is why it floated the one billion naira ($35.46 lakh dollars) fashion industry fund.

He urged fashion entrepreneurs to exploit the opportunity of the financial assistance to promote the growth of the industry.

“We need effective utilisation of the fund so that we can make the industry better. Sam and Sara, United Textile Ltd. (UNTL) are some of the projects that the bank has supported and they are performing well in the industry,” Babatunde said.

He urged the government to evolve more strategies that would expand and promote the textile industry.

Commissioner for Finance, Lagos State, Abiodun Akinkunmi, said that textile and garment industry has a strategic role to play in economic development.

He urged local manufacturers to improve the standards and quality of their products in order to discourage the dumping of foreign textiles and garments in the country.

Akinkunmi also urged manufacturers to encourage the use of local materials like adire, aso oke, animal skin, ankara as major designs that must not go into extinct in order to boost the country's GDP. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

UK Govt, fashion retailers sign agreement to fight slavery

Fashion | On 17th Nov 2018

UK Govt, fashion retailers sign agreement to fight slavery

John Lewis, M&S, New Look, NEXT, River Island and Shop Direct...

CNTAC delegation from China visits Pakistan

Textiles | On 17th Nov 2018

CNTAC delegation from China visits Pakistan

Chinese investors have expressed a desire to enter into joint...

Odisha to set up three textile parks

Textiles | On 17th Nov 2018

Odisha to set up three textile parks

Around 17 firms have expressed interest to invest to the tune of ₹589 ...

Interviews View All

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Umang Banthia,

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Lucilla Booyzen,

Lucilla Booyzen

South African Fashion Week (SAFW) is a B2B marketing platform for fashion, ...

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search