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Nigeria’s TGTSSAN appeals for reduction in exchange rates

The Textile, Garments & Tailoring Senior Staff Association of Nigeria (TGTSSAN) has appealed for a reduction in exchange rate to the federal government, particularly for the textile sector as it has been performing dismally for the last few years. The association attributed this to the difficulty in sourcing foreign exchange at affordable rates to enable investors import machines and other equipment for operation.

The association recommended a ban on foreign import of textile products and urged the government to encourage made-in-Nigeria products. It also stressed on the need to formulate policies that would guarantee continuous survival of the textile industry in the country and ensure effective implementation of policies through the declaration of a “National Dressing Day” in local fabrics.

The association also supported the government’s decision to give local textile firms a 90 per cent rebate on cost of generated power. This was necessary because between 30 per cent and 35 per cent of textile and garment manufacturing costs were energy-related. It also recommended a zero percent CBN interest loan to textile plants to build embedded power plants or pipelines to get gas to their factories.