• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 13, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

FG, BoI Partner To Curb $4bn Annual Clothing Imports

by Mark Itsibor
3 months ago
in News
boi
Share on WhatsAppShare on FacebookShare on XTelegram

The federal government has announced plans to collaborate with the Bank of Industry (BoI) and other stakeholders to tackle the estimated $4 billion Nigerians spend annually on imported clothing, as part of broader efforts to resuscitate the country’s ailing garment and textile sector.

Advertisement

Minister of State for Industry, Trade and Investment, John Enoh, who disclosed this, said the government would also work closely with key financial institutions to ease access to finance and machinery for local garment and textile enterprises. He emphasized the government’s renewed commitment to reviving the comatose textile industry and boosting Made-in-Nigeria goods.

Enoh acknowledged the pressing challenges of infrastructure and finance that have long plagued the sector. However, he noted that the recently launched Industrial Revolution Work Group would be instrumental in tailoring targeted interventions to address these bottlenecks.

“We must ask ourselves: do we prioritise cotton, textile, or garments? The reality is that garments stimulate the entire chain,” he said, citing countries like Bangladesh and Kenya, which developed strong garment export markets before investing in upstream production.

Speaking at a stakeholders’ forum themed “Co-Creating Solutions to Grow CTG Industry in Nigeria”, participants emphasized the urgency of finalizing a revival roadmap for the industry. They decried inconsistent policies that have crippled growth and called for stable long-term planning.

RELATED

natasha

Why We Can’t Recall Natasha Now — Senate

32 minutes ago
Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted

Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted

39 minutes ago

Textile industry expert, Navdeep Sodhi of Afroconsulting Trade and Services Limited, described the sector as a cornerstone for development in emerging economies. He stated that globally, over 100 million people are directly employed in textiles and clothing, with millions more in the value chain.

Nigeria, he said, leads the ECOWAS sub-region with a textile market worth about $7 billion—yet more than 90 percent is dominated by cheap imports entering through grey channels.

“This trend robs Nigeria of significant revenue and employment opportunities,” Sodhi said. He called for a national vision for 2035 to rebuild a $10 billion textile and clothing industry, backed by strong political will. He also advocated for incentives including VAT and import duty holidays, and measures to improve cost competitiveness and ensure affordability of locally produced textiles.

Also speaking, president of the Garment and Accessories Manufacturers Association of Nigeria, Adenike Ogunlesi, lamented the heavy dependence on imported clothing. Despite a domestic apparel market valued at $6.8 billion, she noted that Nigeria’s ready-to-wear segment contributes a mere two percent to the nation’s GDP.

“All past efforts to revive the industry have fallen short,” Ogunlesi said. “If we could capture just 10 percent of Bangladesh’s export market, we’d generate $3.3 billion in exports and create over a million jobs here.”

To turn the tide, stakeholders urged the government to consider policy models from neighbouring countries that offer concessional power to textile manufacturers. They stressed the need to reactivate the Cotton, Textile and Garment (CTG) Fund under BoI and invest in world-class industrial parks to accommodate integrated factories. Such steps, they argued, would help retool existing firms and attract fresh investment into the sector.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Bank of Industry (BOI)Federal Government
SendShareTweetShare
Previous Post

NNPCL Board: Kwara Governor Hails Ghali As KWAYORG Set Agenda For Ojulari, Others

Next Post

Group Debunks NULGE’s Claim, Commends Sokoto Gov On Minimum Wage Implementation

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

natasha
News

Why We Can’t Recall Natasha Now — Senate

2025/07/13
Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted
News

Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted

2025/07/13
Transit Gas Boosts Primary Healthcare Facility In Ogun
News

Transit Gas Boosts Primary Healthcare Facility In Ogun

2025/07/13
UK Varsity Honours Nigerian Philanthropist AA Zaura With Honorary Diploma In Humanities
News

UK Varsity Honours Nigerian Philanthropist AA Zaura With Honorary Diploma In Humanities

2025/07/13
Agunloye: Soyinka Demands Detention Of All Alleged Culprits In Mambilla Scam
News

‘Soyinka Still Inspires At 91’, Tinubu Hails Nobel Laureate On Birthday Anniversary

2025/07/13
FAAN, NSA Collaborate  To Reduce Checkpoints At Airport Terminals
News

Expect Flight Delays, FAAN Tells Passengers After Air Peace Plane Excursion

2025/07/13
Leadership Conference advertisement

LATEST

NDLEA Nabs Wanted Drug Kingpin, Recovers Cocaine, Loud

Why We Can’t Recall Natasha Now — Senate

Businessman Threatens Lawsuit Against EFCC For Declaring Him Wanted

Transit Gas Boosts Primary Healthcare Facility In Ogun

UK Varsity Honours Nigerian Philanthropist AA Zaura With Honorary Diploma In Humanities

‘Soyinka Still Inspires At 91’, Tinubu Hails Nobel Laureate On Birthday Anniversary

Expect Flight Delays, FAAN Tells Passengers After Air Peace Plane Excursion

Atiku Slams Tinubu Over Unpaid Wage Awards, Demands Release Of Detained Labour Activist

Morocco-Nigeria Gas Pipeline Project Progresses As Officials Meet In Rabat

Evicted Palace Officials Drag Emir Sanusi, Others To Court Over Alleged Forceful Eviction

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.