Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) who spoke during a courtesy call on Gov. Aminu Masari of Katsina State on Monday, revealed that over 130 textile industries in Nigeria have collapsed.

Emefiele who revealed that over 130 textile companies have collapsed in the country in recent times due to some constraints, added that besides that, ginners, spinners and about one million farmers who were planting cotton as their source of livelihood also lost their jobs.

“Textile industries used to be the largest employers of labour in Nigeria after the public service, but due to certain constraints such as smuggling, dumping, lack of access to finance and issues bordering on power, over 130 textile companies have so far perished,” he said.

“And today we are complaining about insecurity and kidnapping, the reasons for these are joblessness and hopelessness, so, we need to do something about it. We must revitalise the textile industry to be the largest employer of labour, we feel that we will set the stage rolling, we must come to Katsina State, which is the largest producer of cotton, to begin a process,” he added.


https://unclesuru.com/2019/05/08/over-130-textile-industries-in-nigeria-have-collapsed-emefiele/

Textile Companies collapsed in the early nineties

jarkbauer:
Textile Companies collapsed in the early nineties

Which early nineties? PDP killed them all.

Very bad you guys need to do something banks are charging 16k for 5k withdrawing more than 500k in Abuja

God will restore all Nigeria's lost glory

We thank God nobody died during the collapse

Best government open the border by slashing import duty on textile fabrics to 0% while that for garments to a maximum of 10%.

0% import duty on garments will lead to massive imports of fabrics. Since fabrics can't be worn until sown into garments, it will create lots of jobs.

10% import duty in garments will also create lots of employment especially self employment.

In addition, the ban on the importation of okrika should be lifted and replaced with a 10% tariff. This will fill government coffers with import duties

Emefiele hatred of the invisible hand and his unwillingness to allow creative destruction to take place is typical of him. He and Buhari share a lot together.

So why are you telling us, are you not one of those in charge of our economy, fix it or resign mbok

Nigeria herself has collapsed due to leadership that has no use

GogobiriLalas:
We thank God nobody died during the collapse

i think FG should demolish all the house in that area.... Haba... every time building collapse.

Sai Buhari

before nko

Next Level continues.

With this epileptic power supply.

Sirjamo:
Which early nineties? PDP killed them all.

The nineties was when the problem started.

Even back in the heyday of the textile companies , fake and smuggled textile products were coming in over the border (I can recall my maternal grandmother, who sold cloth, complaining about inferior products flodding the market, and this was around the[i]late eighties[/i]).

Cheap products from China, a declining oil industry (which meant that vital ingredients could not be produced) and failure of companies to be more competitive led to the final blow.

I guess PDP could have done something...but the option of protectionism had fallen out of fashion by the time they took power. Be protectionist, and the WTO would come for you.

Emefiele said the companies collapsed "in recent times" and not in the nineties.

jarkbauer:
Textile Companies collapsed in the early nineties

Nice report card

Textile industry collapse
Companies fleeing
Power at lowest output
Boko Haram are no longer taking girls, they are now taking over military base

What is the function of Debt Management.. Nonsense

And today we are complaining about insecurity and kidnapping, the reasons for these are joblessness and hopelessness, so, we need to do something about it. We must revitalise the textile industry to be the largest employer of labour, we feel that we will set the stage rolling, we must come to Katsina State, which is the largest producer of cotton, to begin a process,” he added.

Thought they said it was Atiku financing insecurity?...

morikee:
Very bad you guys need to do something banks are charging 16k for 5k withdrawing more than 500k in Abuja

Abuja is the seat of government, meant for the politicians and the business tycoons. What are you doing there as a commoner? Please, come to Maiduguri, where you'll be paid for withdrawing.

Yea, we know.

iammo:



Thanks to PDP, even Michelin ran away that year, Goverment Owned Business couldnt even survive their harsh corrupt economy with NITEL, Nigerian Airways and Delta steel all luquidating. Their Favourite Slogan is Goverment dont have business running bussiness just to scam and sell our asset to private pockets. while their Goverment mates in UAE were massively investing, in Porse automobile shares, Etisalat, Burj al arab hotels etc they milked and cashed us out

Michellin left Nigeria by the early 1990's. Dunlop left around 2002.

Nigeria Airways was on its last legs by the time Obasanjo came around...and there was nothing he could have done.(Infact, OBJ, in fairness to him was pissed that NA, which he left in 1979 with over 30 aircraft was down to one by 1999 when he came around).

NITEL...simple problem was that they did not prep well enough for the GSM revolution, like most of their state run counterparts elsewhere.Otherwise, they were doing well till around 2009....

As for Delta Steel....so long as Ajaokuta was not working, Delta Steel, and the other steel plants set up elsewhere COULD NOT WORK. And Ajokuta failing had more to do with the incompetence of the army rule, and the PDP's messing up of the privatization of the complex.

jarkbauer:
Textile Companies collapsed in the early nineties

Thank you!

They started collapsing in the mid-1980s, before some of us were even born, following the introduction of SAP. But why will the textile (or any other manufacturing) industry not collapse when this country is bragging about 5000 MW of electricity (energy being a significant cost in textile production) or when smugglers pour in through the open Northern borders (the same borders allegedly used by many Next Level voters ).

With the power issue, smuggling of wares, why won't they collapse.

They should please allow these factories to work now it is so so disheartening when we have factories that would definitely help in the employment of labour but our leaders in power do nothing about them.Nigeria is a sorry case I tell you.

Sirjamo:
Which early nineties? PDP killed them all.

He is right these companies has been shutting down in the 90s

Do you know the state of the Economy during IBB - Abacha regime?

Buhari is trying....