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Sunday, October 20, 2019 m/ 4:00PM / By Chinyere Joel- Nwokeoma (NAN) / Header Image: FirstBank
For many years,
until the early 1980s, the Nigerian textile industry was the highest employer
of labour, after the public sector. Sadly, the industry is in dire straits
battling for survival in recent times.
Among the
challenges that confronted the sector were policy inconsistency leading to
closure of many textile companies occasioned by poor power supply, smuggling,
poor access to finance and high operating cost, among others.
It is unarguable
that the closure of many textile companies contributed to the rise in the
country's high unemployment rate, rising insecurity and other social vices.
It is against this
backdrop that the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele,
recently lamented the country's descent from being a textile giant to a
mediocre player in the world economy. Emefiele said Nigeria used to be home to
Africa's largest textile industry in the 1970s and early 1980s with the employment
of over 450,000 people.
"The textile
industry at that time was the largest employer of labour in Nigeria after the
public sector, contributing over 25 per cent of the workforce in the
manufacturing sector. "The industry was supported by the production of cotton
by 600,000 local farmers across 30 of Nigeria's 36 states.
"This sector supported the clothing needs of the Nigerian populace, as our markets were filled with locally produced textiles from companies such as the United Textiles in Kaduna, Supertex Limited, Afprint, Texlon, Enpee and Aswani Mills, among others. "In addition, the cotton growing sector has gone dead, thereby depriving thousands of smallholder farmers the chance to earn a living. Furthermore, a large proportion of our clothing materials today are imported from China and countries in Europe," Emefiele stated.
It is against this
background that First Bank of Nigeria Ltd, in line with its celebratory 125th
anniversary, themed, "Woven into the Fabric of Society", on Oct. 2 commemorated
the country's independence with a locally made textile attire.
Specifically, the
bank set aside Oct. 2 to have all staff wear a locally made textile attire
adorned in its 125 anniversary logo and over 18,000 staff across the bank and
FBN Holdings participated.
The bank in a
statement attributed the initiative to moves to celebrate the country's 59th
Independence anniversary and at the same time support the textile industry.
"The native attire
fashion statement by FirstBank and the FBN Holdings Group is rooted in our
trust in the diverse opportunities the textile industry provides.
"And indeed its
contribution to national growth and development, vis-a-vis the job
opportunities, youth and women empowerment, as well as the entrepreneurship
driven influence its creates cannot be overemphasised.
"The bank is indeed
honored to have been woven into the Fabric of Society in the last 125 years and
is committed to keep promoting activities and opportunities that contribute to
the growth of the textile industry." it added.
Apart from the
above initiative, FirstBank also provide access to market and provide
opportunities for entrepreneurs in the Small Medium Scale Enterprise (SMEs) of
the fashion industry with an initiative tagged Fashion Souk.
The bank partners
with Eventful Nigeria Ltd for Fashion Souk, a platform that creates an
opportunity for players in the fashion industry to exhibit and sell their wares
to the thousands of event participants. The bank also in a bid to ensure
sustainability of the industry recently introduced fashion design loan
specifically designed to offer financial support to the participants in the
textile industry.
The bank's fashion
design loan with a single obligor limit of up to two million naira is targeted
at tailors, dressmakers and traders in clothing accessories with no tangible
collateral required. To be eligible for the loan, applicants must have been in
line of business for a minimum of three years.
Commenting on the
development, Mr Moses Igbrude, Publicity Secretary, Independent Shareholders
Association of Nigeria (ISAN), described the initiative as a wonderful concept. "I hope those in the local textiles value chain will key into it and take
advantage of this initiative.
"FirstBank should
also ensure that the concept is properly communicated to the larger audience to
ensure more patronage of locally made textile," Igbrude said. He noted that the
Federal Government on its part should encourage institutions that are
supporting our local industries by way tax incentives.
Also speaking, Mr
Shehu Mikail, National President, Constance Shareholders Association of
Nigeria, commended the bank's support for local fabric and the textile
industry. Mikail said that the initiative would boost the morale of interested
bodies who would like to venture into local fabric in promoting our culture to
the world.
He said that the
bank should focus on the fashion designers who would be ready to promote
Nigerian mode of dressing to meet the world class in fashion design. "This will
help in promoting Made in Nigeria fabric and it will also encourage an
interested investor to venture into textile industry business and this will
tranform our economy," Mikail stated.
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Related
News on the Textile Industry
1. Remarks By CBN
Governor At The Meeting With Service Chiefs Towards Reviving The Textile
Industry
2. Import Substitution
- CBN Bans FX Sale To Textile Importers
3. CBN Places
Access to FX for All Forms of Textile Materials on the FX Restriction List
4. Textile, Apparel
and Footwear Sub-sector Remains 2nd Largest Contributor to Nigeria's
Manufacturing
5. Textile Feeling
the FX Pinch too
6. Neat needlework
required in Nigeria's textile industry
7. Textiles: An
industry in need of a leg-up
8. Governor
Emefiele Pledges Assistance to Textile Owners