Former Anambra State Governor and 2023 Labour Party presidential candidate, Peter Obi, has raised alarm over the collapse of Nigeria’s once-thriving textile industry.
He described its decline as a glaring example of the country’s wasted economic opportunities.
Obi, who recently resumed public engagements after a brief medical rest, made the remarks on Monday during a visit to a small and medium enterprise operated by a Nigerian entrepreneur.
He noted that the inability to revive industries such as textiles has continued to stifle economic growth and deny millions of Nigerians sustainable employment.
Citing global parallels, Obi said countries like Bangladesh have transformed their economies by prioritizing textiles, which now account for over 70 percent of their exports and generate more than $50 billion annually.
In contrast, Nigeria’s textile sector has almost completely collapsed, contributing little to the national economy despite once employing hundreds of thousands and sustaining local economies in Kaduna, Kano, Lagos, and Aba.
He attributed the industry’s decline to poor policy implementation, infrastructural decay, unchecked smuggling, and negligence by successive governments.
According to him, Nigeria’s growth depends on reviving strategic sectors, empowering SMEs, and promoting local manufacturing to compete globally.
Reiterating his consistent advocacy for a production-based economy, Obi stressed: “Investing in small businesses is key to lifting millions out of poverty and positioning Nigeria as a global player in creativity and trade. Our textile industry is a clear reminder of what happens when we abandon production for consumption.”
