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FG to set Aside 20% Levy on Imported Textiles for Development of Local Industry – Aganga

By on February 27, 2012

The Minister for Trade and Investment, Segun Aganga has disclosed that the Federal Government plans to set aside the 20% levy on imported textiles for the development of the indigenous textiles industry in Nigeria.

Speaking during discussion with the executives of the Nigerian Textile Manufacturers Association of Nigeria (NTMA), the minister disclosed government’s plans to revive the comatose sector with the fund.

According to Aganga, “The idea behind the levy is that it will go back to the development of the textile sector. So, there are no two ways about it because that is what it is meant for.

“It is the responsibility of the government to create an enabling environment for our industries to flourish and the textile industry is one key area we are working with stakeholders to develop. The textile sector generates employment for Nigerians as well as revenue for the government through taxes.”

“The development of industries remains the major mandate of the ministry. We must diversify our economy by industrializing our country, and one of the areas we are focusing on within the next four years is the development of the textile sector as part of our industrialization plan.”

He added, “We are working closely with stakeholders in the sector towards achieving increased productivity. We have held meetings across the value chain in the textile sector and identified all the problems in the sector.

“Textile industries are one of the areas we want to focus on going forward. Apart from the fact that the sector is labour intensive, Nigerians are very fashionable people.”