An estimated amount of $325 million is lost every year by Nigeria because of the escaping customs duty and value added taxation by the textile material smugglers, disclosed NTMA, Nigerian Textile Manufacturer Associate.
Mr. Abiodum Ogunkoya, NTMA Chairman, explained this by providing a hint at the press conference in Lagos giving stress over the issue that smugglers are denying government for extensive revenues simultaneously are posing challenges to the industry.
Ogunjoya’s expressions and explanations revealed that more than 85% of the textiles material worth that is $1.4 that contribute to the nation are being smuggled. Around 85% of the textile material being sold in the markets of Nigeria, printed material especially is smuggled into the country which includes counterfeited and fake material.
He added, Fabrics with wax print, being manufacture in China are being counterfeit trademarks of the manufacturers of Nigeria and SON, fake logo is printed over the labels.
He said, the sector is facing problems with the infrastructure like low supply of power and bar roads, which are also compromising funds if quick attention is not paid into the issue.
According to him, 20kwn/cents are needed for providing power to the Nigerian region which is much more in comparison to other cities, Turkey, Pakistan, India and China.
Director General of NTMA, in his press conference submission, said the dynamic cost of petroleum products of the country is making textile manufacturers extremely restless.
Tags: Indian textile news, latest textile news, latest updates textile, manufacturer & export of house furnishing textile, textile exporter and manufacturer, textile industry india, textile news, textile updates