Nigeria attracts $3.5bn Investment Capital to Develop Cotton, Textile and Apparel Industry

The Nigerian government in partnership with development partners and private sector players have attracted $3.5 billion investment capital in order to develop a resurgence Plan for Optimised Performance of the Nigerian Cotton, Textile and Apparel Industry.

The Nigerian Minister of Industry, Trade and Investment Doris Uzoka-Anite disclosed this while revealing the Ministry’s acheivements in the last year during the ongoing Ministerial briefing in Abuja Nigeria’s capital.

The minister stated that due to initiatives implemented by the ministry to improve the business environment, the Lagos International Trade Fair Complex recorded an increase in revenue of 430 million naira in the first quarter of 2024 compared to the N17.8 million naira accrued in the same period in the previous year.

According to her, “To enhance our trade and reduce export rejects and exporting time, we are creating One stop Export Processing Centers across the 6 geopolitical zones, these centers will accommodate all government agencies and private institutions that warehouse, test, certify, package and document goods for export, and finally ship these commodities through the designated export terminals.”

“In recognition of the important role played by the manufacturing sector in catalyzing economic growth, His Excellency, Mr. President graciously approved a N200 Billion Naira Presidential Palliative Programme to support businesses by providing grants to nano businesses and loans to MSMEs and Manufacturers at single- digit interest rates.

“Towards facilitation of this, the Ministry of Industry, Trade and Investment in partnership with the Bank of Industry has successfully commenced phased disbursement of the grants in line with the Palliative Programme,” the Minister said.

Dr Uzoka-Anite also disclosed that the the ministry is flagging off its “Light Up” campaigns aimed at connecting industry clusters to electricity to enhace ease of doing business in the country.

“Starting with the Agbara Industrial zone which is not connected to the power grid, we are connecting it to the power grid, we will connect the Danwanu market in Kano to captive gas power, we are connecting the Nnewi Industrial Cluster to gas.”

“There is gas in the South East and South South, yet many of the clusters in the region are not connected to efficient gas supply, will continue to focus on supporting industries until all industrial hubs have electricity and gas to manufacture cheaper and more competitively.

“This strategic move signifies our resolve to harness clusters as engines of economic growth and development, fostering innovation, job creation, and inclusive prosperity across Nigeria in line with the Renewed Hope Agenda,” she added.