Over 60, 000 of carpet industry workers have lost their jobs, while allied companies, suppliers, distributors, transporters and others have cut jobs and incurred losses in their business, association president Otuekong Udoh said.

Over 30 domestic carpet manufacturing companies cease to exist now, taking a toll on the country’s economy, he lamented. Only two such companies continue to operate.

If textile industries inside the country are owned by foreigners, that leads to flight of capital abroad, he was quoted as saying by domestic media reports.

“The encouraging market climate buoyed us up to consider immediate expansion to meet consumers need. This was why we decided to take a loan and meet up the financial demands for the expansion,” he added.

Fibre2Fashion News Desk (DS)