'Little hope' for textile industry revival in 'struggling' Nigeria
Published: 2017-02-16 05:35:30.0 BdST Updated: 2017-02-16 05:35:30.0 BdST
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," he added.
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 led to closure of most plants.
A closed-down textile factory complex is seen in Kaduna, Nigeria, Nov 3, 2016.
There have been some limited Chinese investments in recent years into what is left of Nigeria's leather and textile industry, but most plants have remained closed since throwing in the towel in the 1980s and 1990s.
Goni said he had to fire 2,500 workers, joining an army of unemployed from which Boko Haram jihadists waging an insurgency in the northeast have been recruiting.
"We are getting the people out of the woods," he said. "Once we are able to start the factory, we will solve a lot of this problem of unemployment."
Any unauthorised use or reproduction of bdnews24.com content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
- Bull market not dead as tax reform takes spotlight
- FBCCI president challenges HC order halting elections
- Trump tantrum looms on Wall Street if healthcare effort stalls
- High Court halts FBCCI elections for two months
- Asian stocks drop as fresh Trump jitters jolt risk sentiment
- Asian shares at 21-month high, dollar soft on less hawkish Fed
- Sonali Bank gets Bangladesh Bank nod to start PayPal services
- Oil drops on rising US drilling, steady OPEC supply
- Uber president Jeff Jones quits, deepening turmoil
- Unilever prepares $7.44 billion sale of food brands: newspapers
- Army para-commandos, SWAT launch assault on militant den in Sylhet's Shibbarhi
- At least one killed, 20 injured in blast near militant den being raided by army commandos
- Army commandos end assault on militant hideout in Sylhet
- Superb Tamim, gritty Shakib fire Bangladesh to crushing win over Sri Lanka
- Donald Trump greets Abdul Hamid, Sheikh Hasina on Bangladesh’s Independence Day
- One killed in blast near Dhaka airport; police rule out 'suicide attack'
- Crocodile kills man at Barguna eco-park
- Army para-commandos, SWAT, police wait for final assault at Sylhet ‘militant den’
- Bangladesh information minister backs controversial Section 57 of ICT Act
- Mashrafe urges Mustafizur to shine against Sri Lanka in Dambulla