Economist Urges FG To Resuscitate Moribund Texile Sector

An Economist, Mr Tosin
Yusuf, advised the Federal Government to resuscitate the ailing textile sector to complement its drive for diversification of the nation’s economy.
Yusuf, who gave the advise in an interview with newsmen in Osogbo, said the sector required urgent attention.
He said the decades of neglect of the sector, which rendered it completely moribund, would not help the economy to grow.
He said the amount of foreign exchange and numbers of jobs lost as a result of the lingering crisis in the sector were enormous.
The economist recalled that textile industry in the 70s and 80s was a viable employer of labour, a development which supported the nation’s economy.
“The textile sector is comatose, we have several moribund textile factories that are hitherto very viable in the area of employment creation.
He lamented that successive governments had failed to revive the sector, adding, “as a country, we are losing millions of dollars to import foreign fabrics at the expense of our unemployed youths.
“It is very important for the Federal Government to revive the industry and make it functional and viable,” he said.