Despite Nigeria's efforts to promote the industry, its textile product imports increased by 106.7% from N182.5 billion in 2020 to N377.1 billion in 2023.
Currently, approximately 90% of these products are imported each year.
Poor infrastructure and high energy costs keep production costs high, making products uncompetitive and discouraging investment.
Nigeria’s textile imports increased by 106.7% in four years, from N182.5 billion in 2020 to N377.1 billion in 2023, despite several intervention programs implemented by the Central Bank of Nigeria to boost the industry .
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Data from the National Bureau of Statistics (NBS) shows that textile imports were valued at N278.8 billion in 2021 and N365.5 billion in 2022.
The Central Bank of Nigeria’s (CBN) intervention package for the industry includes financial support, training initiatives and the imposition of foreign exchange restrictions on textile imports in the official foreign exchange market. However, all this appears to have had little impact on the industry, according to Nigerian media reports.
In the 1970s and early 1980s, the country had more than 180 textile mills employing more than 1 million people. However, these companies disappeared in the 1990s due to challenges such as smuggling, rampant imports, unreliable electricity supplies and inconsistent government policies.
Currently, about 90% of textiles are imported each year. Poor infrastructure and high energy costs contribute to high production costs in the country, making products uncompetitive and discouraging investment.
Post time: Apr-25-2024