Peter Obi reduced the collapse of the Nigerian textile industry, calling for an urgent resurrection

Obi, who had just continued public involvement after a short medical break, attracted attention to this sector during a visit to UKM owned by a Nigerian businessman on Monday. He stressed that failure to revive industries such as textiles continues to damage Nigerian economic growth and employment creation.

Quoting the international model, Obi noted: “Countries like Bangladesh have changed their economy by prioritizing textiles, which now contribute more than 70% of their national exports, producing more than $ 50 billion per year. Meanwhile, our textile sector has been regretted in collapse and now contributes very little to the national economy.

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Obi deplored that the decline in the textile industry had robbed millions of Nigerian work and significant foreign exchange income, emphasizing that this sector had employed hundreds of thousands and encouraged the local economy in all Kaduna, Kano, Lagos, and ABA.

He associated the collapse with the implementation of poor policies for years, lack of infrastructure, smuggling, and neglect by the government in succession.

Repeating his consistent call to shift in the Nigerian economic model, Obi said:
“Investing in small businesses is the key to lifting millions of people out of poverty and positioning Nigeria as a global player in creativity and trade. Our textile industry is a clear example of what can happen when we leave production for consumption.”

Obi stated that the Nigerian pathway towards growth lies in reviving the strategic industry, supporting SMEs, and promoting local manufacturing to compete on the global stage.