Tag nigeria spends n1 32tr on imported textile yearly

That's a staggering amount! According to your statement, Nigeria spends approximately N1.32 trillion (1.32 trillion Naira) on imported textiles every year. This is a significant amount that could be better utilized in supporting the country's textile industry.

It's worth noting that Nigeria has a rich textile heritage, and the country was once a major producer of textiles in West Africa. However, over the years, the industry has faced several challenges, including competition from imported textiles, lack of infrastructure, and inadequate government support.

The importation of textiles has not only drained the country's foreign exchange reserves but has also led to the decline of the local textile industry. Many textile mills have shut down, and thousands of jobs have been lost.

To address this issue, the Nigerian government has introduced policies aimed at promoting the growth of the local textile industry. For example, the government has implemented a policy to ban the importation of certain types of textiles, such as cotton and polyester fabrics, to encourage local production.

Additionally, the government has also established initiatives to support textile manufacturers, such as the Nigerian Textile and Garment Industry (NTGI) scheme, which provides financial assistance to textile manufacturers to upgrade their equipment and improve their production capacity.

It's essential for the government to continue to support the local textile industry to create jobs, stimulate economic growth, and reduce the country's reliance on imported textiles.