Monday, 16 April 2018

MINISTER HIGHLIGHTS HOW RAW COTTON EXPORT UNDERMINES INDUSTRIALISATION

The federal government has underscored the unprecedented opportunities for economic growth and development the cotton sector offers African economies but cautioned that continued export of raw cotton with little or no value addition by the continent’s producers was unsustainable in view of global instability in the prices of the commodity. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

Government said the quest for industrialisation can only be attained if African economies can develop this viable sector and put in place a profit- oriented goal setting agenda and a performance – based  holistic review. Minister of state for Industry, Trade and Investment, Aisha Abubakar,  said this at the 16th African Cotton Association (ACA) Annual International Congress in Abuja.

Abubakar, who highlighted the sharp decline in the contribution of Cotton Textile and Garment (CTG) sector to the Nigerian economy, said it was regrettable that while Asia and India produce 60 per cent of global cotton  output, Africa produces only about 16 per cent in spite of its huge potentials.

Abubakar therefore charged the continent’s economies to leverage on their potentials and develop their capacities by strengthening the sector and providing producers the support to enhance competitiveness and technology if they wished to be competitive in the global market arena. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html


She said: “The global market value was about  $1.6 trillion in 2015 alone, and this shows how important the sector is to the economies of the producing countries. It, therefore, means that Africa’s quest for industrialisation can be achieved by developing this viable sector.’’

Permanent secretary, ministry of Industry, Trade and Investment, Mr. Edet Akpan, also said there was the need for the right capacity and technology in the production of highly – competitive cotton and other products needed for both domestic and international markets if Nigeria was to benefit substantially from the sector. (Leadership)

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