Invest in locally produced products to increase the income of nations —Industrial, Akinkuebi



– identifies the textile industry as a huge sector to revive the economy

Dayo Johnson Akure

An industrialist and general manager of Ore Industrial Park (OIP), Dr Femi Akinkuebi called on the Nigerian government and its people to be proud to invest heavily in locally made products in order to increase the nation’s income.

Akinkuebi during an interview with journalists in Akure, the capital of Ondo State, also identified the textile industry as a huge sector with great economic potential.

According to him, the nation is richly endowed with much needed raw materials as well as the skills to globally promote products made in Nigeria for viable economic gains.

He noted that the Nigerian textile industry is deviating from the ideal, due to the challenges of a huge appetite for importing, low patronage, policy implementation and a chain of broken value.

“If only 10% of the annual import bill of $ 4 billion in textile fabrics were reinvested in the textile industry, the country would be a net exporter and increase its income through programs such as the Growth Act and opportunities in Africa (AGOA) from the United States.

“Industry data showed that in 2019, 18.6% of all cotton imported in the world ended up in China, it revealed that the aforementioned country was the largest exporter of textile and cotton products. clothing to the world. Chinese imports currently account for 60 percent of the market for printed fabrics in Africa, with India providing an additional 21 percent.

“West Africa itself is a large market for printed matter and buys around 65 percent of all foreign imports. Nigerian demand accounts for around 38 percent of the region’s total imports.

“From materials, knitting line / production of textile auxiliary materials, such as button, yarn, to the maximum production line of clothing, this industry has the capacity to employ more than 500,000 people.”

Akinkuebi therefore urged “the Nigerian government to take advantage of the economic opportunities offered by this sector to advance the nation economically while encouraging Nigerians to be proud to patronize and invest in locally made products.

He however appreciated the efforts of Governor Rotimi Akeredolu led the state government for the establishment of the Ore Industrial Park.

According to him, the facility which had started its activities has the necessary incentives to help manufacture products made locally in the country.

He suggested that the OIP is an integral industrial city offering quality service and a conducive business environment boosted by state-of-the-art facilities and infrastructure.

However, Akinkuebi, said the park has its own 30 MW gas-fired power plant with gas supply, planned recreation areas with other facilities, adding that six companies have already started operations in the production of gas. various locally produced products.

“OIP is designed in cluster agreements in which textiles and clothing is one of them, so we encourage stakeholders in this sector to integrate into it, for example by setting up a line of knitting, production of stockings, tread, linen and other materials, ”he added.

The Ore industrial park was built as part of a public-private partnership (PPP) project and established on a huge 1000-hectare plot of land respectful of the environment, economy and industry.

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