By Bianca Iboma-Emefu
The Lagos State Governor, Babajide Sanwo-Olu, has lauded the recent moves by the Central Bank of Nigeria, (CBN) , Bank of Industry, (BOI) to revitalize the apparel industry, adding that it would unlock gains across the industry and create a thriving environment for the apparel manufacturing industry.
Sanwo-Olu who was represented by the Lagos State Commissioner of Commerce,Trade and Investments, Lola Akande disclosed this at the opening ceremony of the 7th edition of Source Textile Apparel West Africa Trade Summit.
The governor stated that the gesture made by the CBN and BOI shows their support to drive investments in the cotton, textile, and garment (CTG) sub-sector of the Nigerian economy adding that the move would resuscitate the industry for growth and productivity.
He said the India-West Africa trade offers an opportunity to rethink ways in which people do business, trade and investment across countries and continents.
“People should explore ways of ramping up the use of new and emerging technologies to improve the trade and business environment, and to maximise the benefits of global trade”.
Sanwo-Olu commended stakeholders in the industry for their relentless commitment and efforts at resuscitating the CTG sub-sector in the country, stating that it’s a wealth creating venture of the economy.
On his part, India Consul General,
Chandramouli Kern, emphasized the need for India, Nigerian bilateral trade relationship, saying that the partnership would boost the apparel industry.
Kern urged government to emulate Indians and build our capacity in the apparel industry. He said that one of the reasons for the growth of the Indians was based on the investment made on infrastructures, training and capacity building.
He further stated that they started the apparel manufacturing industry since 1964 and they constantly kept evolving, before experiencing growth in the industry. “Nigeria should address the ailing factors and create an enabled environment. If they need help we would obliged. India’s growth was a process, efforts were made before we experienced exponential growth.Nigerians have always been a major player in the manufacturing sector of the economy”.
He said the large vibrant consumer market, talented and enterprising young population, attractive geographical location and launch of the African Continental Free Trade Area (AfCFTA), provides the right opportunity for Nigeria to become a leading textile hub in the Central and West African market.
He urged government to strengthen their policies in order to revive the industry.
He noted that collaborating with India firms on it could equally aid the sector’s growth.
” We are open to partnership and in anyway that Nigeria seek synergy they are ready to collaborate and work together for the benefits of both countries”, he stated
Meanwhile, Leoht Africa
Managing Director, Leoht Bunmi Aliyu said the event is in partnership with the Indian Chamber of Commerce to boost the retail sector of Nigeria’s apparel industry and position it as a leading hub in the Central and West African market.
According to her, the partnership aims to build a yearly and sustainable international sourcing platform for organisations to trade and secure orders from corporate buyers and resellers.
She stated the challenges power and other issues affecting the industry, but have been able to survive, adapted and thrived despite the challenges.
“We focus solely on showcasing the best textile, home, gift products and brands to local buyers. The concentration of professional visitors from this targeted sector ensures that everyone you meet at the exhibition will be a useful connection,” Aliyu noted.