Government loses $4.2bn yearly to smuggled textile, says Minister
Minister of State for Industry, Trade and Investment, Aisha Abubakar has said Nigeria stands to earn over $325m yearly, as soon as the National Cotton, Textile and Garment Policy is fully implemented.
The National Cotton, Textile and Garment Policy, which was approved in January 2015, is aimed at improving sustainable increase in the production, investment and competitiveness of the sector across the entire value chain to create jobs and wealth.
Abubakar expressed dismay that an estimated $4.2bn is lost yearly as a result of the activities of imported or smuggled textile and garments into the country. Abubakar said this yesterday at a two-day retreat on the Cotton, Textiles and Garment Policy in Abuja.
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