Culled From Leadership
Nigeria’s cotton, textile and garment (CTG) industry has been experiencing a downward trend over the last three decades. CHIKA IZUORA, traces the causes of ths development and the efforts by the present government to revive the industry as well as the opportunities one derives from investing in the sector.
Nigeria’s cotton and textile industry was in the 80’s a key player in the national economy particularly in the provision of livelihood for about 20 percent of the population with 600,000 work force operating close to 170 textile mills across the country.
The industry then generated an annual turnover of $8.95 billion; an average of 25% of the sector’s gross domestic product (GDP) which accounted for not less than 10% of corporate income taxes.
