Nigeria’s textile industry faces difficulties
According to Nigeria’s “Business Daily” report on March 8, data from the Nigerian Bureau of Statistics showed that Nigeria’s textile imports in the third quarter of 2015 were 24.7 billion naira (approximately US$130 million), and are expected to rise in the fourth quarter of 2016. to 27.5 billion naira (approximately $140 million).
Cheap textiles from China and India are pouring into Nigeria, causing its existing 40 textile factories to operate at only about 40% of their production capacity.
In order to protect the domestic industry, the Nigerian government issued a ban on textile imports in 2010. As a result, textile smuggling became rampant. Currently, 85% of the textiles sold in the Nigerian market are smuggled.
Another important obstacle affecting the development of Nigeria’s textile industry is the high cost of financing. It is reported that the annual interest rate on financing for Nigeria’s textile industry has reached as high as 30%. The Nigerian government established a 100 billion naira textile industry support fund six years ago. The annual interest rate It is 6%, but the effect is not great. Nigeria’s textile industry faces difficulties
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