Mr Kunle Alake, the Dangote Group COO, tells BusinessDay that the textile industry in Nigeria cannot be viable, and he cites the usual suspect: smuggling.
“The Nigerian textile industry is dead; it has been dead since the last 5 years. It cannot be resuscitated with N70 billion, those pushing for the resuscitation are only after the sharing of this fund,” he said.
And now comes the reason:
“Smuggling has taken a new turn; it is one single act that is bringing the economy down. We had to scrap our Nigerian Textile Mills Plc (NTM) because we found out that the textile sector has no future”.
It would be recalled that the Dangote Group bought over the NTM and is currently using its premises for the production of sacks for its flour mills located in Lagos , Kano and Ilorin and as warehouse for its various products.
Read in full here.
Remember my last year post on the Nigerian textile industry?
nice! exploit this source, I’d say 🙂
maybe I should give you my chapter on Chinese carpets … would be nice to hear your thoughts.
J.
PS:
have you posted this yesterday night or already this morning?
nice! exploit this source, I’d say 🙂
maybe I should give you my chapter on Chinese carpets … would be nice to hear your thoughts.
J.
PS:
have you posted this yesterday night or already this morning?