Vlisco Group Set to Invest $200 Million in Nigeria’s Cotton Industry
Vlisco Group, a company that produces designs and distributes fashion fabrics for the West and Central African market, as well as African consumers in global metropolitan cities, has proposed an investment of $200 million in Nigeria’s cotton industry, which is expected to create over 700,000 jobs.
While welcoming the company’s plan to invest in the country’s cotton industry, President Muhammadu Buhari, said “I am very excited about the prospects of reviving the industry because it will keep farmers busy, create employment which bring security, help the economy, transfer of technology and of course we have a large market to absorb the products”.
He added that “for the total supply chain for cotton, textile and garment industry from weaving, spinning and printing to retail, we want to use Nigerian cotton and we have already started to encourage the creative industries in the country to find a voice and give them a platform across the world.”
The cotton produced will provide raw materials for the Nigeria-owned garment factory. The farmers, who will be employed as a result of the deal, will earn extra income, which will be spent within the country, thereby boosting the economy.
The deal will also encourage enhanced tax revenue from individuals, a development that will benefit the Nigerian government.
The implementation of this deal will help revamp the textile and garment industry in Nigeria. The sector which has not been functional stands out as a potential growth area of Nigeria’s economy and it is in line with the Buhari administration’s plans to diversify the economy.
The fabrics produced by Vlisco Group, which was founded in 1846, have grown into an essential part of African culture, receiving widespread attention from the art, design and fashion worlds.
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