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Nigeria, the largest economy in Africa, has great potential in textile industry

Release time:

2023-01-11

Niceria is one of the ancient countries n Africa. Anambra State is ocated in ts southeast, Onitsha is a historical port citv of Anambra State. It isan important commercla center in the state. it is also the second largest city in Nicena's populaton and the third larcest city in Africa. it isnicknamed "National Light" because a large number of businessmen from ECOWAS region visit here all the year round, including Accra.Abidian, Douala ln Niamey, Cotonou and other regions, Onitsha market is appropriately described as the business engine of West Africa.

Nigeria is the largest economy in Africa and once had a thriving textle industry. in the golden period of textile industry from 1985 to 1991. theannual growth rate of this industry was 67%. In 1991, more than 350000 employees were engaged in the textle industry, accounting for 25% oithe manufacturing workers in Nigeria. At that fime, there were about 180 textile mils in operation. However, due to unstable power supply, higinancing costs, outdated production technology and other prolems, except for 25 textle mils that are stil operating, other textle mills havebeen closed. in 2009, the Niceran government set up a textle and clothing interventon fund of 100 bilion naira. which was alocated toNigerian textile companies at the interest rate of 6%, in an effort to revitalize the textile industry.

Nigeria's textile industry stil has huge potential in terms of labor advantages, power development prospects and raw material advantagesNigerian clients start to buy kniting machines from China. For example, the interlock rib circular kniting machines and single jersey circularknitting machines tend to be the most popular products in the field of textile machinery.

The textle manufacturer lsmalla Abdullahi said, "The progress we have made in this feld is that we now have our own pattern desicners whccan draw designs and then send them to China to make textiles and send them back to us." According to statistics, Nigeria spends about us$4 bilion on imported textiles and ready to wear every year. It is estimated that Nigeria's population wll exceed 200 million, and the domesticmarket demand is huge. According to the introduction of merchants who often come to Nigeria: "What is selling well now is relatively cheap,solid color, printed fabrics. The local people regard red and black as unlucky, and wear these two colors less often. The local people also opena home base similar to lKEA, which imports curtain cloth art, from Keciao, Zheliang, China and yams, polysters from other places up tohundreds of thousands of dollars every vear n addition. beore coind to Africa. vou need to go to the vaccination center 10 davs in advance toet velow fever and other vaccines. and get a small velow copy: vaccination or preventive measures country intemationa' certification.

in Nigera, in addition to Lagos. there are many popular wholesale markets, Onitsha, an bo city in the east, is also a huge wholesale cityfamous throughout the country and even in neighboring Afican countries. Onitsha market plays a very important role in the economy andcommerce of Nigeria, where there are many large wholesale markets, the scale of which is far beyond Lagos. Businessmen from Lagos, alover the country, and even from countries near Africa wil purchase here. Compared with the wholesalers in Lagos, the purchasing power of thewholesalers here is even greater, Even for one style of goods, they wll purchase tens of thousands of pieces, most of them will buy wholecontainers of coods and send them back, and then wholesale them to other wholesalers aaain. However, they wil keep the purchase price venow, and the profit of wholesale sales wil not increase too much, mainly because of the volume. There is a large flow of goods here. Manyimes. when a container iust arrived. it was "divided" by wholesalers from other places. The wholesalers here are famous for their larce cuantiteficiency and speed. When foreign manufacturers develop the Nigerian market, they tend to take Onitsha as the primary task to stabilize theOnitsha market, which is equivalent to having a huge share of the Nigerian market. Kano in the north of Nigeria is a city where northembusinessmen often go to purchase. The wholesalers there are mainly lbo and Hausa, and most of them buy from Onitsha.