Textile manufacturingWhen information filtered into the public space a few months ago that, as part of President Bola Tinubu’s ‘Renewed Hope Agenda’, the Federal Executive Council had approved the establishment of the presidential council on industrial revitalization roadmap, suggesting that the disposition of the current administration is to create a workable roadmap to stimulate and revitalise domestic production in key industries necessary to improve the nation’s economic development, my...
Having been born and bred in the ancient town of Kaduna, the administrative seat and former political capital of Northern Nigeria, I witnessed first-hand, the immense flourishing and growth of so many textile industries in the late 70s and 80s. At that time, northern Nigeria was a major centre of textile production and trade.
However, the industry, over the years has agonisingly witnessed a spiral decline occasioned by the ‘market-based economic reforms’ and trade liberalisation due to the Structural Adjustment Programme introduced in the mid-80s by the military government of General Ibrahim Babangida, of which many economists say Tinubunomics seems to be the same cardinal policies which made up the ‘IMF-SAP’. In addition, the variety of local and global political and economic factors aided its ruin.
Furthermore, available data from Mordor Intelligence, a market intelligence and advisory firm whose expertise is in mapping complex business ecosystems around the globe, showed that major Chinese textile companies are increasing investment plans in some African nations, helping these countries achieve generous revenues from textile exports. Specifically, in 2023, South Africa, Ethiopia, Kenya, Lesotho, and Egypt earned $3.8 billion, $2.5 billion, $1.5 billion, $1.2 billion and $1.
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Bron: thecableng - 🏆 2. / 80 Lees verder »