Vlisco Group has proposed an investment of $200 million in Nigeria’s cotton industry, which is expected to create over 700,000 jobs.
President Muhammadu Buhari has welcomed the company’s plan to invest in the country’s cotton industry, saying the investment will create employment and boost agriculture.
“I am very excited about the prospects of reviving the industry because it will keep farmers busy, create employment which brings more security, help the economy, transfer of technology and of course we have a large market to absorb the products.
“For the total supply chain for cotton, textile and garment industry from weaving, spinning, 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.” – President Buhari
How Nigeria can benefit from the investment
The cotton that will be produced will provide raw materials for the Nigeria-owned garment factory.
The farmers that will be employed as a result of the deal will earn extra income which will be spent within the country, therefore, boosting the local economy. The Nigerian Government also benefits from enhanced tax revenue from individuals and contractors that will be employed.
The textile and garment industry in Nigeria has not been functional, with this deal in place, it will revitalise the industry and retain earnings. It is also pertinent to note that the textile and garment industry stands out as a potential growth area of Nigeria’s economy and it is in line with the President Buhari administration’s plans of diversifying the economy.
About Vlisco Group
The Vlisco Group designs, produces and distributes fashion fabrics, especially of the African wax print style, for the West and Central African market and African consumers in global metropolitan cities.
Founded in Helmond, The Netherlands, in 1846, the Vlisco Group and their fabrics have grown into an essential part of African culture, receiving widespread attention from the art, design and fashion worlds.
Vlisco Group’s brand portfolio consists of four brands: Vlisco, Woodin, Uniwax and GTP. The company’s head office, as well as the design and production facilities for the Vlisco brand, are located in Helmond.