‘Textile sector will bounce back’
Director-General of the NTMA, Jaiyeola Olarenwaju, who is also part of the committee told our correspondent in Lagos that the sector would truly be revived if the government accepts its recommendation and apply same on the ailing sector.
He said the committee would deliberate on the teething problems besetting the sector such as the skyrocketing prices of gas, Low Pour Fuel Oil [LPFO], closure of textile companies in order to arrive at recommendation that would move the sector out of the doldrums.
He said the setting up of the committee by the Federal Government is a manifestation that it is keen on bringing it back to life with a view to strengthening the nation’s industrialization.
The country is reportedly spending over N300billion on importation of textiles thereby killing the infant industries. Several textiles industries in the country have closed shop recently with attendant job losses.
Vice-President Mohammed Namadi Sambo announced the set up of a committee to facilitate the revival of the moribund textiles industries in the country.
The committee, which consists of representatives of ministries of finance and commerce, has the department of customs, EFCC, BOI, NNPC and the textiles industries as members.
Others include the representative of the office of the vice-president and that of UNT Plc.
Its term of reference include: to come up with permanent solutions that will settle once and for all the outstanding problems as related to the textile industries’ revival, to develop policy that will protect our market and marketers. The committee has a period of four weeks to submit its report.