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Nigeria to launch garments, textile industry SEZ

The Federal Government and Private Sector will collaborate in creating Special Economic Zones (SEZ), starting first with the textile and garment industry to spur up Nigeria’s economic development, says Vice President Osinbajo. At WEF, Davos he said “Having the right mind-set and understanding where we want to go”, will affect the implementation process whilst ensuring things get done in the nation’s business environment. He stressed that the collaboration between private sector and the government ensures consistency in the implementation of economic policies.

One of the reasons he is optimistic about the forthcoming SEZ for garment manufacturing is because it is “specific and is something we can measure very quickly; working with investors and allowing them to tell us what they want to achieve. This will help us attain set objectives.” Both the Minister of Budget and National Planning, Senator Udoma Udo Udoma and Minister for Industry, Trade & Investment, Okey Enelamah were also at the interaction.

Speaking earlier, Senator Udoma mentioned that there were many advantages for Nigeria to create the SEZ for textile manufacturing, noting the use of English as the country’s official language, their political stable environment and the provision of an enabling environment for the private sector. Confidence is being restored in the hearts of people regarding economic policies.

Former World Bank Chief Economist, Professor Justin Lin says the garment and textile industry in Nigeria has huge potential because Nigeria produces cotton, as well as the availability of good locations around the country, including the large markets both domestically and internationally.

 
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