The Federal Government of Nigeria with the creation of Special Economic Zones (SEZ) is thinking towards reviving the Textile and Garment industry, which would first address the myriads of challenges faced by textile manufacturers in the country.The move will be a collaboration with the organized private sector and it is hoped that it will help spur the nation’s economic development, according to Vice President Yemi Osinbajo,

Currently, stakeholders estimate over $1.4 billion in new investments to revive the textiles sector in Nigeria, which is expected to provide over 500,000 jobs.

Osinbajo, while interacting with selected investors at the ongoing World Economic Forum noted that having the right mindset and understanding where they want to go, will affect the implementation process whilst ensuring things get done in the nation’s business environment.

He added, that one of the reasons he is optimistic about the forthcoming Special Economic Zone (SEZ) for garment manufacturing is because it is “specific and is something they can measure very quickly; working with investors and allowing them to tell what they want to achieve, this will help them attain set objectives”.

He stressed that the collaboration between private sector and the government ensures consistency in the implementation of economic policies.

Having labs, where issues around effective implementation plans would be intensely discussed with expert participants drawn from the private sector and public sector, will also help ensure that they achieve their objectives as those labs will set up the implementation agenda and see it through to the end.

Also lending their voice, both the Minister of Budget and National Planning, Senator Udoma Udo Udoma, and Minister for Industry, Trade & Investment, Dr. Okey Enalemah mentioned that there were many advantages for Nigeria to create the SEZ for Textile manufacturing, citing the use of English as their official language, their politically stable environment and the provision of an enabling environment for the private sector.

They further went on to say that confidence is being restored in the hearts of people regarding economic policies and that 2018 is a year of implementation regardless of the consequences.

Former World Bank Chief Economist, Professor Justin Lin who was also in attendance mentioned that the Garment and Textile industry in Nigeria has strong potential for growth because Nigeria produces cotton as well as the availability of good locations around the country, including the large markets both domestically and internationally.