Industry stakeholders in Nigeria have urged the Government to provide an infrastructure to revive country’s struggling textile and garment industry.
Following the Government’s decision to restrict the provision of foreign exchange on import of textiles and garments, the requirement for a better infrastructure becomes very essential for the sub-sector, added the industry bigwigs.
They further said that only common people will have to bear the brunt of high prices as those in power will continue importing textile products in large quantities. “The only way industry can revive and bounce back is by having a right infrastructure,” said Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, while elucidating on the above.
Adewumi Adewale, Financial Secretary of the Association, too said at the opening of new Exco of Commerce and Industry Correspondents Association of Nigeria, in Lagos, that the Government has so far not done anything worth to revive the dying textile sector.
He added that to revive the industry, power supply needs to be improved significantly. Besides, reportedly, the increase of value added tax from 5 to 10 per cent could also negatively affect the manufacturing industry of the country.
Afam Mallinson Ukatu, MD, NISPO Porcelain Company Limited, corroborated on the above that there will be no bigger setback than factories shutting down due to non-payment of taxes. “It is very important to harmonise taxes,” he added.
