After
several years of neglect, the Federal Government is beginning to think towards
reviving the Textile and Garment industry, with the creation of Special
Economic Zones (SEZ), which would first address the myriads of challenges
facing textile manufacturers in the country.According to Vice President Yemi
Osinbajo, the move will be a collaboration with the organized private sector
and it is hoped that it will help spur the nation’s economic development.Currently,
stakeholders estimate over $1.4 billion in new investments to revive the textiles
sector in Nigeria, which is expected to provide over 500,000 jobs.
Osinbajo, whilee interacting with selected investors at the ongoing World
Economic Forum noted that “having the right mindset and understanding where we
want to go”, will affect the implementation process whilst ensuring things get
done in the nation’s business environment.He added, that one of the reasons he
is optimistic about the forthcoming Special Economic Zone (SEZ) for garment
manufacturing is because it is “specific and is something we can measure very
quickly; working with investors and allowing them to tell us what they want to
achieve, this will help us attain set objectives”.He stressed that the
collaboration between private sector and the government ensures consistency in
the implementation of economic policies.
”Having labs, where issues around effective implementation plans would be
intensely discussed with expert participants drawn from the private sector and
public sector, will also help ensure that we achieve our objectives as those
labs will set up the implementation agenda and see it through to the end”Also lending their voice, both the Minister of Budget and National Planning,
Senator Udoma Udo Udoma, and Minister for Industry, Trade & Investment, Dr.
Okey Enalemah mentioned that there were many advantages for Nigeria to create
the SEZ for Textile manufacturing, citing the use of English as our official
language, our politically stable environment and the provision of an enabling
environment for the private sector.
They
further went on to say that confidence is being restored in the hearts of
people regarding economic policies and that 2018 is a year of implementation
regardless of the consequences.Former World Bank Chief Economist, Professor
Justin Lin who was also in attendance mentioned that the Garment and Textile
industry in Nigeria has huge potential because Nigeria produces cotton, as well
as the availability of good locations around the country, including the large
markets both domestically and internationally.Nigeria’s textile industry is
believed to have a strong potential for growth due to the availability of
cotton and the country’s large market-size represented by over 180 million
people, who provide a natural market for textiles and garments.
Source: Daily Post, Nigeria Saturday, 27 January 2018