Related Keywords: Central Bank of Nigeria, due to influx of cheaper fabrice, during the fourth quarter, foreign textile, from china and India, in this current year, installed capacity, Nigeria textile industry, official foreign exhange, spend about USD one hundred forty millon, textile mills operating only forty percent, to import textiles, under performing
Nigerian textile import is on rise, in this current year during the fourth quarter Nigeria would spend about $140 million (N27.5 billion) on imported textiles. as the Nigerian textile industry is under perfoming due to the influx of cheaper fabrics from China and India, although there are about 30 operational textile mills but running only at an average of 40 percent of installed capacity. Foreign textiles are among the 41 items that will not benefit from official foreign exchange from the Central Bank of Nigeria (CBN).
