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Nigeria’ opportunity to tap $38bn cotton market underexplored

To quicken expansive economic growth through an overlooked part of the agric sector, Nigeria can tap from the world’s $38.45 billion cotton industry, positioning itself competitively through its major cotton-producing states and enabling structures provided by the government.

The Nigerian Investment Promotion Commission (NIPC), in its opportunities and incentives report, notes that Nigeria’s textile industry was once ranked the second-largest in Africa, having over 250 factories all operating above 50 percent capacity with the use of home-grown cotton.
However, both textile and cotton have suffered over the years with the increased reliance on crude oil for revenue and foreign exchange (FX) earnings.

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