For many years, until the early 1980s, the Nigerian textile industry was the highest employer of labour, after the public sector. Sadly, the industry is in dire straits battling for survival in recent times.
Among the challenges that confronted the sector were policy inconsistency leading to closure of many textile companies occasioned by poor power supply, smuggling, poor access to finance and high operating cost, among others.
It is unarguable that the closure of many textile companies contributed to the rise in the country’s high unemployment rate, rising insecurity and other social vices.
It is against this backdrop that the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, recently lamented the country’s descent from being a textile giant to a mediocre player in the world economy.
Emefiele said Nigeria used to be home to Africa’s largest textile industry in the 1970s and early 1980s with the employment of over 450,000 people.
“The textile industry at that time was the largest employer of labour in Nigeria after the public sector, contributing over 25 per cent of the workforce in the manufacturing sector.
“The industry was supported by the production of cotton by 600,000 local farmers across 30 of Nigeria’s 36 states.
“This sector supported the clothing needs of the Nigerian populace, as our markets were filled with locally produced textiles from companies such as the United Textiles in Kaduna, Supertex Limited, Afprint, Texlon, Enpee and Aswani Mills, among others.
“In addition, the cotton growing sector has gone dead, thereby depriving thousands of smallholder farmers the chance to earn a living.
Furthermore, a large proportion of our clothing materials today are imported from China and countries in Europe,” Emeifele stated.
It is against this background that First Bank of Nigeria Ltd, in line with its celebratory 125th anniversary , themed, “Woven into the Fabric of Society”, on Oct. 2 commemorated the country’s independence with a locally made textile attire.
Specifically, the bank set aside Oct. 2 to have all staff wear a locally made textile attire adorned in its 125 anniversary logo and over 18,000 staff across the bank and FBN Holdings participated.
The bank in a statement attributed the initiative to moves to celebrate the country’s 59th Independence anniversary and at the same time support the textile industry.
“The native attire fashion statement by FirstBank and the FBN Holdings Group is rooted in our trust in the diverse opportunities the textile industry provides.
“And indeed its contribution to national growth and development, vis-à-vis the job opportunities, youth and women empowerment, as well as the entrepreneurship driven influence its creates cannot be overemphasised.
“The bank is indeed honored to have been woven into the Fabric of Society in the last 125 years and is committed to keep promoting activities and opportunities that contribute to the growth of the textile industry.” it added.
Apart from the above intitative, FirstBank also provide access to market and provide opportunities for entrepreneurs in the Small Medium Scale Enterprise (SMEs) of the fashion industry with an initiative tagged Fashion Souk.
The bank partners with Eventful Nigeria Ltd with Fashion Souk, a platform that creates an opportunity for players in the fashion industry to exhibit and sell their wares to the thousands of event participants.
The bank also in a bid to ensure sustainability of the industry recently introduced fashion design loan specifically designed to offer financial support to the participants in the textile industry.
The bank’s fashion design loan with a single obligor limit of up to two million naira is targeted at tailors, dressmakers and traders in clothing accessories with no tangible collateral required.
To be eligible for the loan, applicants must have been in line of business for a minimum of three years.
Commenting on the development, Mr Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), described the initiative as a wonderful concept.
“I hope those in the local textiles value chain will key into it and take advantage of this initiative.
“FirstBank should also ensure that the concept is properly communicated to the larger audience to ensure more patronage of locally made textile,” Igbrude said.
He noted that the Federal Government on its part should encourage institutions that are supporting our local industries by way tax incentives.
Also speaking, Mr Shehu Mikail, National President, Constance Shareholders Association of Nigeria, commended the bank’s support for local fabric and the textile industry.
Mikail said that the initiative would boost the morale of interested bodies who would like to venture into local fabric in promoting our culture to the world.
He said that the bank should focus on the fashion designers who would be ready to promote Nigerian mode of dressing to meet the world class in fashion design.
“This will help in promoting Made in Nigeria fabric and it will also encourage an interested investor to venture into textile industry business and this will tranform our economy,” Mikail stated. (NAN)
UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section
The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.
The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).
The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.
Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.
“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.
Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.
Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”
While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.
The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.
The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.
She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”
The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.
United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal
…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets
Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.
To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.
“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.
In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”
According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.
Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.
Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.
NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational
The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.
In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.
“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.
NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.
The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.
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