African textile industry is missing out - sportstextiles: Lea SportsTextiles

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African textile industry is missing out

29/08/2008
According to reports, the global textile and garment market is valued at approximately $400 billion. However, the African sub-continent and Nigeria in particular do not appear to be reaching its potential in this arena.

At a recent textile seminar, it was revealed that that Africa’s market share in the global textile and textile-related businesses is just $200 million.

Obia Ofem, one of the speakers at the event, told stakeholders that while a large number of African countries are taking advantage of the opportunities offered under the African Growth and Opportunity Act (AGOA) and other EU preferential trade concessions, the Nigerian textile industry is still struggling to make an impact in the global sphere.

It was suggested that, if this does not change, the entire chain of textile factories in the country could be under threat by 2009.


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