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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: