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Despite concerted efforts by the Central Bank of Nigeria (CBN) to revitalize the textile sector, the import of textile products into Nigeria has skyrocketed by a staggering 106.7 per cent over the span of four years. Data from the National Bureau of Statistics (NBS) reveal a significant surge in textile imports from N182.5 billion in 2020 to N377.1 billion in 2023. This trend persists despite various intervention programs aimed at boosting domestic production.

The textile import figures stood at N278.8 billion in 2021 and N365.5 billion in 2022, indicating a steady upward trajectory. The CBN's intervention programs have encompassed financial support, training initiatives, and foreign exchange restrictions on textile imports at the official exchange market. However, these measures appear to have yielded little impact on the sector's growth, as reported by Nigerian media outlets.

The stark contrast from the 1970s and early 1980s, when Nigeria boasted over 180 textile mills employing more than a million people, highlights the extent of the sector's decline. The subsequent disappearance of these firms by the 1990s can be attributed to a myriad of challenges, including smuggling, rampant imports, unreliable power supply, and inconsistent government policies.

Currently, approximately 90 per cent of textile products consumed in Nigeria are imported annually, signaling a significant dependence on foreign markets. Poor infrastructure and high energy costs further exacerbate the situation, leading to elevated production costs within the country. This, in turn, renders Nigerian products uncompetitive and dissuades potential investments in the sector.

The resurgence of the textile industry is crucial for Nigeria's economic development, as it holds the potential to create employment opportunities, reduce reliance on imports, and stimulate local production. Addressing the underlying challenges plaguing the sector, such as smuggling, infrastructural deficiencies, and energy costs, requires a comprehensive and coordinated approach from both the government and industry stakeholders.

Efforts to revive the textile sector should focus on enhancing domestic production capabilities, fostering innovation, and implementing policies that promote competitiveness and sustainability. By revitalizing the textile industry, Nigeria can harness its full potential as a key player in the global textile market and drive inclusive economic growth across the country.