Nigeria, Africa'S Largest Economy, Has Great Potential In Textile Industry

Nigeria is one of the ancient countries in Africa. Anambra state is located in the southeast of it. Onitsha is the historical port city of Anambra state, an important commercial center of the state, the second largest city in Nigeria and the third largest city in Africa, nicknamed "light of the nation", The Onitsha market is appropriately described as the business engine of West Africa, because there are a large number of businessmen from the economic community of West Africa (ECA), Abidjan, Douala, Niamey and Cotonou.

Nigeria is the largest economy in Africa and once had a booming textile industry. During the golden period of 1985-1991, the annual growth rate of the textile industry was 67%. In 1991, there were more than 350000 employees in the textile industry, accounting for 25% of the total number of manufacturing workers in Nigeria. At that time, there were about 180 textile mills in operation. However, due to unstable power supply, high financing costs and outdated production technology, all textile mills have been closed except 25 textile mills which are still in operation. In 2009, the Nigerian government set up a 100 billion naira textile and clothing intervention fund, which was allocated to the textile companies in Nigeria at the interest rate of 6%, in an effort to revitalize the textile industry.

In terms of labor advantages, power development prospects and raw material advantages, Nigeria's textile industry still has great potential. "The progress we've made in our business is that we now have our own pattern designers who can draw designs and send them to China to make textiles and send them back to us," said ismaila Abdullahi, a textiles trader According to statistics, Nigeria spends about US $4 billion on the import of textiles and clothing every year, and it is estimated that the population of Nigeria will exceed 200 million, and the domestic market demand is huge. According to the merchants who often visit Nigeria, "the relatively cheap, solid color, printed fabrics are now better sold. The local people regard red and black as unlucky, and wear these two colors less. The local government also opened a home furnishing base similar to IKEA, and imported hundreds of thousands of US dollars of curtain cloth art from Keqiao and other places in Zhejiang Province of China every year. In addition, before going to Africa, you need to go to the vaccination center 10 days in advance to get yellow fever and other vaccines, and get the international certification of vaccination or preventive measures.

In Nigeria, in addition to Lagos, there are many popular wholesale markets. Onitsha, the city of IBO in the East, is also a famous large wholesale city in the whole country and even neighboring African countries. Onitsha market has a very important economic and commercial position in Nigeria, where there are many large wholesale markets, the scale of wholesale is far beyond the level of Lagos. Businessmen from Lagos, from all over the country, even from countries around Africa, will purchase here. Compared with the wholesalers in Lagos, the purchasing power of the wholesalers here is even greater. Even for a style of goods, they will purchase tens of thousands of pieces, most of them buy whole containers of goods, send them back, and then wholesale them to other wholesalers. But they will talk about the import price very low, at the same time wholesale profits will not be too high, mainly to run volume. There is a large amount of goods in circulation here. Most of the time, a container is "carved up" by wholesalers from other places as soon as it arrives. The wholesalers here are famous for their large volume, high efficiency and fast speed. When foreign manufacturers develop the Nigerian market, they often take Onitsha as the primary task to stabilize Onitsha market, which is equivalent to having a huge share of the Nigerian market. Kano, in northern Nigeria, is the city where northern businessmen often go to purchase. The main wholesalers there are IBO and Hausa, and most of them buy goods from Onitsha.