The Federal Government is collaborating with the International Cotton Advisory Committee (ICAC) to resuscitate the country’s cotton and textile industry.
Vice-President Kashim Shettima disclosed this after a meeting with a delegation from the ICAC, led by its Executive Director, Mr Eric Trachtenberg, at the Presidential Villa, Abuja.
The Federal Government targets the creation of over 1.4 million jobs annually in the cotton and textile sector and to develop key components of the cotton value chain.
The value chain includes farming, weaving, ginning and linking of cotton, which is in line with the industrialisation drive of the President Bola Tinubu’s administration.
Shettima urged stakeholders to come up with a roadmap for the revitalisation of the cotton/textile sector in Nigeria.
The Vice-President assured the delegation that the administration would make conscious efforts to ensure the country harnesses opportunities in the cotton value chain.
This, according to him, will ensure that Nigeria regains its ICAC membership.
Shettima acknowledged ICAC’s commitment to the development of the sector in Africa.
He noted that “your diverse backgrounds in ICAC gives a nuance understanding of the complexities and opportunities in the cotton value chain”.
Earlier, Governor Babajide Sanwo-Olu of Lagos state, said the state was well positioned to harness opportunities in the cotton value chain.
He said Lagos, as an integral part of the chain in Nigeria, would support every effort to revamp the sector to enable the state sustain its status as the largest fashion hub in the continent.
He lauded the federal government’s efforts aimed at resuscitaing in order to create jobs and engender economic transformation.
Sanwo-Olu pledged the state’s readiness to offtake cotton produced in other parts of the country for companies based within the area.
On his part, Governor Hope Uzodinma of Imo, said the meeting was part of Nigeria’s quest to revamp the textile industry and improve economic growth.
He said Imo State and the Southeastern region would key into the cotton/textile sector in order to create jobs for the people through industrialisation of the country.
“The opportunity created by the meeting is a new beginning in our quest for industrial recovery and creation of jobs for our teeming youths as well as an opportunity for a new partnership.”
The ICAC’s Executive Director, Trachtenberg, said he was pleased with the level of interest and commitment shown by the leadership of the country.
He also appreciated other stakeholder’s efforts in reviving the industry in Nigeria.
Citing examples from China, India, Pakistan and other parts of the world, the ICAC Executive Director said the potential in the cotton value chain was huge and has proven to be transformative.
He noted that cotton and textile offer competitive advantage, and economic transformation.
He said the ICAC would support Nigeria’s cotton value chain by offering expert advice on improving productivity and boosting the value chain as well as facilitate investment.