Despite the forex restriction for import goods by the Central Bank of Nigeria (CBN), textile is now the highest imported commodity, latest statistics from the National Bureau of Statistics (NBS) has shown.
Recall that in 2019 the CBN, as part of its intervention to revive the textile industry, imposed forex restriction on its importation, including woven fabrics and clothes to encourage local production.
The directive to restrict forex on imported goods has not yielded positive results three years after following the latest report by the NBS which revealed that textile materials were the highest items that accounted for the country’s import index in 2021.
The value of textile imports in 2020, according to the NBS, was N19.89tn, having grown by 17.32 per cent year-on-year from 2019 to 2020 as imports stood at N16.96tn in 2019. The highest increase was recorded by textile and textile articles.” the NBS said.
