The Federal Government is collaborating with the International Cotton Advisory Committee (ICAC) to revive the country’s cotton and textile industry.
Vice-President Kashim Shettima disclosed this following a meeting with an ICAC delegation, led by Executive Director Mr. Eric Trachtenberg, at the Presidential Villa in Abuja according to a post on the official X page of the Vice President’s activities.
The Federal Government aims to create over 1.4 million jobs annually in the cotton and textile sector and develop key components of the cotton value chain.
This value chain includes farming, weaving, ginning, and linking of cotton, aligning with the industrialization drive of President Bola Tinubu’s administration. Shettima urged stakeholders to devise a roadmap for revitalizing Nigeria’s cotton and textile sector.
The vice president assured the delegation that the administration would make concerted efforts to harness opportunities within the cotton value chain.
The vice president assured the delegation that the administration would make deliberate efforts to harness opportunities within the cotton value chain. This, he noted, would help Nigeria regain its ICAC membership.
Shettima acknowledged ICAC’s commitment to developing the sector in Africa, highlighting that the diverse backgrounds within ICAC provide a nuanced understanding of the complexities and opportunities in the cotton value chain.
Lagos is well positioned for cotton industrial development
Governor Babajide Sanwo-Olu of Lagos State stated that the state is well-positioned to capitalize on opportunities in the cotton value chain. He emphasized that Lagos, as a key part of this chain in Nigeria, would support efforts to revamp the sector, enabling the state to maintain its status as the largest fashion hub on the continent.
He commended the federal government’s initiatives aimed at revitalizing the industry to create jobs and drive economic transformation. Sanwo-Olu also pledged the state’s readiness to procure cotton produced in other parts of the country for companies based in Lagos.
Governor Hope Uzodinma of Imo State remarked that the meeting was part of Nigeria’s efforts to rejuvenate the textile industry and boost economic growth. He said Imo State and the Southeastern region would integrate into the cotton/textile sector to create jobs through the country’s industrialization.
ICAO pledges commitment to Nigeria
- The ICAC’s Executive Director, Eric Trachtenberg, expressed his satisfaction with the interest and commitment demonstrated by Nigeria’s leadership.
- He also commended other stakeholders for their efforts in reviving the industry in the country.
- Trachtenberg highlighted the transformative potential of the cotton value chain by citing examples from China, India, Pakistan, and other parts of the world.
- He emphasized that the cotton and textile sectors offer significant competitive advantages and drive economic transformation.
- He assured that the ICAC would support Nigeria’s cotton value chain by providing expert advice on improving productivity and enhancing the value chain, as well as facilitating investment.
[Nairametrics]