Nigeria’s textile sector has drawn $3.5 billion in investment- Minister

The Federal Government of Nigeria has reportedly obtained $3.5 billion in investments to strengthen the country’s textile, cotton, and apparel sectors in only a single year, according to Minister of Industry, Trade, and Investment Doris Uzoka-Anite.

This revelation was made by Uzoka-Anite on Tuesday during the ministerial press conference in Abuja.

According to her, the ministry’s plan to resurrect the long-dormant textile sector includes this investment.

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She said that Nigeria’s textile industry includes every step of the nation’s apparel value chain.

The minister claims that investments in the textile sector would create jobs in Nigeria for both skilled and unskilled labor.

“The Ministry is developing a resurgence plan for the Nigeria cotton, textile and apparel industry in partnership with development partners and private sector players. We have attracted $3.5 billion to unlock the textile, cotton and apparel industry.

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“As you know, Nigeria’s textile and apparel industry covers the entire clothing value chain and has a strong potential for growth due to the availability of cotton and the country’s market size.

“This industry is one of the top contributors to the manufacturing sector of the economy with huge potential for employment for both skilled and unskilled labour with extensive capacity for generating export earnings and attracting foreign direct investment, therefore reducing poverty,” Uzoka-Anite added.