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Nigeria attracts $3.5-bn investment in textile-apparel sector in 1 yr

30 May '24
1 min read
Nigeria attracts $3.5-bn investment in textile-apparel sector in 1 yr
Pic: Adobe Stock

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  • Nigeria secured investments worth $3.5 billion in the domestic textile, cotton and apparel sector in one year to rejuvenate the industry, according to the country's minister of industry, trade and investment Doris Uzoka-Anite.
  • Her ministry is also developing a resurgence plan for the sector in partnership with development partners and private sector players.
Nigeria secured investments worth $3.5 billion in the domestic textile, cotton and apparel sector in one year to rejuvenate the long-dormant industry, according to the country’s minister of industry, trade and investment Doris Uzoka-Anite.

This will generate employment for both skilled and unskilled workers across the country, she said.

Her ministry is also developing a resurgence plan for the sector in partnership with development partners and private sector players, she told a recent press conference in Abuja on the occasion of President Bola Tinubu’s first year in office.

She highlighted the ministry’s commitment to supporting industrialisation by issuing import duty exemption certificates to over 50 manufacturers, aimed at fostering expansion and raising production capacity, domestic media outlets reported.

Over 16,000 jobs have been created in the past year, through programmes and intervention by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), she added.

Fibre2Fashion News Desk (DS)

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