Forex: Textile exclusion threatens fashion industry – LCCI

The recent pronouncement by the Central Bank of Nigeria (CBN) on the exclusion of textile materials from the forex market has grave implications for businesses in the fashion, tailoring, fashion accessories and garment industry in the country.

The Lagos Chambers of Commerce and Industry (LCCI) said this yesterday in a statement signed by its Director General, Muda Yusuf.

“Fashion industry is one of the fastest growing industries and has created amazing opportunities for many young Nigerians to express their creativity and innovation.

"This vibrant industry should not be sacrificed on the altar of textile industry regeneration.

“This submission is not to diminish the importance of textile industries in any way or the significance of industrialization. It is to underscore the importance of a strategic approach to industrialization. The starting point is to strengthen the capacity of domestic industries, enhance their competitiveness, and reduce their import dependence as espoused in the Nigeria Industrial Revolution Plan (NIRP). More importantly the power issue needs to be addressed. It is almost impossible to achieve rapid industrialization without resolving the issue power and the deficit in key infrastructures", it stated

Yusuf noted that textile production is energy intensive, a high energy cost environment and it is very difficult for any energy intensive sector to survive under lack of stable power supply.