Textile industry has $4b yearly economic potentials - Akinkuebi

Akinkuebi noted that the textile industry holds great economic potential. According to him, the nation is richly endowed with raw materials and skillset to globally promote made-in-Nigeria goods for viable economic gains.

He noted that if only 10 per cent of the yearly import bill of $4b textile fabrics was re-invested into the textile industry, the country would be a net exporter, as well as expand its revenue from such programmes as the African Growth and Opportunity Act of the United States. He added that Chinese imports currently account for 60 per cent of the print fabric market in Africa, with India supplying an additional 21 per cent.

“From materials, knitting line/production of textiles auxiliary materials, like button, thread, stay down to clothing max production line, this industry has the capacity to employ over 500,000 workforces,” Akinkuebi said.

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