News

Nigeria Spends $4bn On Textile Products Imports Annually — Labour

Published

2 years ago

April 1, 2024

Joe Kay

About 90 percent of textile products in Nigeria valued at over $4 billion are imported into the country annually, National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN) has stated.

This is even as the federal government reveals strategies aimed at reviving the moribund sector.

Immediate past President of NUTGTWN, John Adaji, who disclosed this at the opening session of the just concluded 13th National Delegates Conference of the union in Abuja, called on the Federal Government to initiate policies aimed at reviving the moribund industry.

“90 percent of textile products in Nigerian markets today are imported. The government should revive and invest in the textile industry in order to create 2 million jobs in the country and as well reduce over $4 billion import bill incurred on textile and apparels annually,” he stated.

Adaji lamented the high production cost of textile materials in the country, which he attributed to poor infrastructure and high energy cost.

He further noted that the industry continues to experience low patronage, particularly from government agencies and parastatals in spite of the Federal government’s Executive Order 003 which mandates Ministries, Departments and Agencies (MDAs) of government to spend more of their budgets on locally produced goods.

Referencing the South Africa’s clothing and textile sector which experienced a lull due to lack of local patronage and dumping of imported textile materials, he however noted that because of conscious efforts on the part of the South Africa government through “Buy South Africa” Campaign, the textile and clothing sector has been revived with many jobs created.

Meanwhile, also speaking at the conference, the Permanent Secretary at the Ministry of Industry, Trade, and Investment, Amb. Nura Rimi, expressed the desire of the government to revive the sector to its revenue generating status.

Rimi said the government had initiated lots of reforms geared towards resuscitating the sector, particularly in policy development and implementation to impact on both the industry and the economy.

According to him, the sector in the past employed at least 450,000 Nigerians, in over 170 textile mills throughout the country.

He said that the ministry was currently finalizing the textile adjustment tax levy, and stressed that the prospects and challenges in the CTG sector need cross- cutting efforts and strategic action by both government agencies, including the private sector to achieve the desired result.

Rimi said some of the strategies put in place to ensure the sector’s revitalization include a grant of N100 billion for purchase of equipment, delivery of seeds to cotton producers, issuance of Import Duty Exemption Certificates to duty-free machinery and spare parts importers and Federal Government’s Executive Order 003, to boost local patronage and increase market access in the sector.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.