Home>>News

The hottest Nigerian textile industry is facing di

2022-10-19

Detail

Nigeria's textile industry is facing difficulties

according to Nigeria's "business" on March 8, the data of the Nigerian Bureau of statistics shows that the amount of textiles imported by Nigeria in the third quarter of 2015 was 24.7 billion naira (about 130 million US dollars), and it is expected that in the fourth quarter of 2016, the amount of imports will rise to 27.5 billion naira (about 140 million US dollars)

the influx of cheap textiles from China and India into Nigeria has led to the operation of only about 40% of its existing 40 textile mills

in order to protect the domestic industry, the Nigerian government issued a textile import ban in 2010, resulting in the proliferation of textile smuggling. At present, Nigeria 1 must check whether the upper clamp and the lower clamp are textiles sold on a vertical horizontal line market, and 85% of them are smuggled imports

another important obstacle affecting the development of Nigeria's textile industry is the high financing cost. It is reported that the annual financing interest rate of Nigeria's textile industry has been as high as 30%. The Nigerian government established a 100 billion naira textile industry support fund six years ago, with an annual interest rate of 6%, but with little effect

as the prices of raw materials such as steel and aluminum rise