Nigeria’s textile industry is highly import-dependent, with a smuggled import bill of approximately $2-3bn. As part of the FGN’s import substitution and diversification strategy, the CBN has included textiles and garments in its forex restriction and prohibition list.
It is not clear, whether this protectionist move is to attract new investments into the dormant textile milling industry or to help preserve Nigeria’s external reserves which have wilted in recent times to $42.3bn.
The attached slides summarize the events that took place in the domestic and global commodity markets this week.
Enjoy your read!