August 21, (THEWILL) – The President of the Carpet Manufacturers Association of Nigeria (CMAN), Otuekong Sunny Jackson Udoh, has offered reasons why the country’s textile industries went extinct.
Udoh, who is also the Chairman, Jackson Devo’s FZE, said their involvement with the defunct National Democratic Coalition (NADECO) hastened the demise of the textile industries.
“To date, over 30 textile companies in Nigeria have gone extinct for years, taking a toll on the country’s economy.
“The entire indigenous textile manufacturing companies like Jackson Devos, Aswani and many others have gone aground because of their chief executive roles and fight for democracy under NADECO. The two surviving ones are owned by foreigners and that is capital flight.
“Things became sore following the Nigeria Deposit Insurance Corporation (NDIC’s) alleged induced invasion, which led to massive destruction of our machines.
“The worst attack came during the military regime led by Gen Sani Abacha between 1993 and 1998. As the Chairman of the company, I became a scapegoat, with some of my brothers here in Cross River State due to irreconcilable political differences.
“My decision to support, campaign for and sponsor the agitation for the enthronement of democracy in the country made those appointed into position in that military regime label me a chieftain of the National Democratic Coalition (NADECO).
“For any economy to grow, the government, as a matter of necessity and urgency, should bring back the industries, which are the backbone of any economy.
“Any country that does not pay great attention to the development of its private sector, which includes the small scale industries, cannot create the required and much-desired employment for its citizens. This is the fate of Nigeria,” Udoh said.
Besides this, he said bad policies and rapidly increasing exchange rates made it impossible to import some vital raw materials needed for production.
He stressed that Nigeria continues to be a dumping ground for foreign goods as there is no encouragement from the government for manufacturers to step up their game.
He, however, commended President Bola Ahmed Tinubu’s administration for his commitment towards the revival of the manufacturing sector.
He suggested that the government considers providing special intervention grants to manufacturers through the Apex bank, with a proper monitoring mechanism to ensure that only companies with requisite structure and infrastructure benefit from such support.
THEWILL Correspondent, Aniekan Bassey has over six years experience that spans across several fields in print journalism including development communication, sexual reproductive and health rights issues, crime, climate change, social justice, business and human interest stories.
