The multibillion naira textile intervention fund may not yield much in terms of reviving the comatose textile industry in Nigeria after all, say textile operators.
The operators claimed that the lack of comparative advantage in textile manufacturing already puts Nigeria in a dire position. Victor Eburajolor, group deputy managing director of Chanrai Group, a conglomerate, said it would be better for Nigeria to channel the resources to other sectors where the country has a better competitive advantage.
Speaking ahead of the company’s 150 years anniversary, which holds on November 29 in Lagos, Mr. Eburajolor said that the group last year closed Afprint Plc, its textile subsidiary, due to the difficulty that has confronted the sector over the years. He said the company does not intend to access the N70 billion Textile Intervention Fund of the Federal Government.
“Some people came here and told us to go for the fund. I asked them, we take the fund to do what? Let us look at the dynamics. There is no way the textile mills here can compete with the textile mills in China and India,” Mr. Eburajolor said.
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