INSIGHTS
- Textile products import into Nigeria has risen by 106.7 per cent from N182.5 billion in 2020 to N377.1 billion in 2023, despite efforts to boost the sector.
- About 90 per cent of such products are imported annually now.
- Poor infrastructure and high energy costs have led to high production costs, making products uncompetitive and discouraging investments.
Import of textile products into Nigeria has increased by 106.7 per cent over four years, from N182.5 billion in 2020 to N377.1 billion in 2023, despite several intervention programmes by the central bank to boost the sector.
Data from the country’s National Bureau of Statistics (NBS) show the textile import figures were N278.8 billion in 2021 and N365.5 billion in 2022.
The Central Bank of Nigeria’s (CBN) intervention programmes for the sector have included financial support, training initiatives and foreign exchange restrictions on textile imports at the official exchange market. All these, however, seem to have little impact on the sector, according to Nigerian media reports.
During the 1970s and early 1980s, the country boasted over 180 textile mills, employing more than a million. However, these firms vanished by the 1990s due to challenges like smuggling, rampant imports, unreliable power supply and inconsistent government policies.
About 90 per cent of textile products are imported annually now.
Poor infrastructure and high energy costs have led to high production costs in the country, making products uncompetitive and discouraging investments.
Source: https://www.fibre2fashion.com/