Nigeria Targets $90bn from Textile, Livestock by 2035

To achieve this, the National Economic Council (NEC) chaired by the Vice President, Mr Kashim Shettima, has approved the establishment of a Cotton, Textile and Garment Development Board.

At the NEC meeting on Thursday in Abuja, steps to reposition Nigeria’s economy and tackle insecurity at its roots were discussed by the participants, which included the governors of the 36 states of the federation.

The new regulatory body for the cotton, textile and garment sector of Nigeria will have governors representing the six geo-political zones, with Ministers of Agriculture and Food Security, Budget and Economic Planning, and Industry, Trade and Investment as members.

It would be domiciled in the presidency, with representation of the relevant public sector stakeholders, and funded from the Textile Import Levy being collected by the Nigeria Customs Service (NCS), though it would be private sector-driven.

“Nigeria is a nation where cotton can thrive in 34 states. Yet our production level remains a fraction of our potential.

“We currently produce only 13,000 metric tons, while we continue to import textiles worth hundreds of millions of dollars. This is not just an economic imbalance. It is an invitation to act,” he added.

“Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialise, to empower communities, and to restore pride in local production,” the VP stated.

Also at the meeting yesterday, the council approved the establishment of the Green Imperative Project (GIP), with a national office in Abuja and regional offices across the six geopolitical zones.