The Lagos Chamber Of Commerce and Industry says that the recent pronouncement by the Central Bank of Nigeria , on the exclusion of all forms of textile materials from the forex market has ‘grave implications’ for businesses in the fashion, tailoring, and garment industry in the country.
“This industry is one of the fastest growing industries and has created amazing opportunities for many young Nigerians to express their creativity and innovation. The sector is estimated at N5 trillion, creating about 500,000 jobs. The policy contemplation of the CBN will put all of these at risk.
According to him, “It is almost impossible to achieve rapid industrialization without resolving the issue of power and the deficit in key infrastructure. Textile production is energy intensive. This is a high energy cost environment and it is very difficult for any energy intensive sector to survive.”