FG Secures $3.5bn Investment Capital to Unlock Textile Industry

Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, has announced that the Federal Government attracted a $3.5 billion investment capital to unlock the textile industry.

Speaking on Tuesday in Abuja, during the presentation of her ministry’s achievements at the ongoing Ministrial Sectorial Update, Dr. Uzoka revealed that the Ministry is developing a Resurgence Plan for Optimised Performance of the Nigerian Cotton, Textile and Apparel Industry in partnership with development partners and private sector players.

According to her, “Nigeria’s textile and apparel industry covers the entire clothing value chain and has a strong potential for growth due to availability of cotton and the country’s large market- size represented by over 200 million inhabitants.

“The industry is one of the top contributors to the manufacturing sector of the economy, with the sector’s huge potential for employment creation, for both skilled and unskilled labour, extensive capacity for generating export earning, attracting foreign direct investment, and reducing poverty,” she said.

To date, 17 ministers have delivered their sectoral achievement presentations. However, the Minister of Information and National Orientation has announced that the Sectoral Press Briefing will be postponed until after the May 29 Anniversary celebrations.