• Little hope for textile industry revival in struggling Nigeria

    Little hope for textile industry revival in struggling Nigeria

    KADUNA, Nigeria, Feb 15 (Reuters) – Talba Goni has been trying without luck to get government funds or loans to restart a textile plant in Kaduna, the former industrial heartland in northern Nigeria, that he was running until it closed almost 15 years ago.

    “We were not able to meet up with those conditions to access the funding … the bureaucracy, you have to give this, you have to give that,” he said. “There should be concessions, like the company income tax, a waiver for about 3-4 years.”

    Most importantly, Goni is unable to get enough petrol to power the plant’s generators as the major oil producing country grapples with fuel shortages due to its derelict refineries.

    “We can’t operate without black oil (petrol), it’s very expensive and also very scarce,” he said.

    President Muhammadu Buhari hopes to revive the once flourishing textile and leather industries in northern Nigeria to end the country’s dependence on oil exports and diversify Africa’s biggest economy.

    But a collapse in vital oil revenues has pushed the West African nation into its first recession in 25 years, making it difficult to provide state loans or improve the erratic power supply that has …read more  

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