Additionally, he highlighted the alarming trend of foreign ownership of the remaining surviving textile companies, which has led to capital flight.
The significance of a robust private sector, including small-scale industries, he said, cannot be understated when it comes to creating sustainable employment opportunities. The struggles of Jackson Devos, a once-respected manufacturing powerhouse in Nigeria, serve as a poignant example of the industry’s plight.
The subsequent political upheavals during the military regime of Gen Sani Abacha further exacerbated the situation, causing irreparable damage.
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