LONDON--(BUSINESS WIRE)--Several textile and apparel industries among African nations are on the rise, attracting more attention from the global market. These sectors are mainly boosted by increased exports, investments and government support. Details about these industrial facilitators in Lesotho, Ethiopia and Nigeria are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
Increasing exports to the US boosting Lesotho’s textile industry
Lesotho is now one of Africa’s biggest textile and apparel manufacturers and the largest sub-Saharan African exporter of apparel products to the US. Its annual textile and apparel exports to the US increased from about USD 129 million in 2001 to USD 330 million in 2015. The significant development of Lesotho’s textile and apparel industry has been mainly driven by a preferential trade deal with the US – The African Growth and Opportunity Act (AGOA).
Now, over 80% of Lesotho-made textile and apparel production exports to the US every year, and many US brands, such as Gap, Levi Strauss, Foot Locker, Timberland and Wal-Mart, are sourcing or manufacturing in Lesotho.
Ethiopia’s textile sector attracts new investments
Several large Chinese companies have decided to invest in Ethiopia’s textile and apparel industry this year, among them is Jiangsu Sunshine Group who plan to invest nearly USD 1 billion in Ethiopia. Ethiopia is becoming an attractive destination, especially considering that its new initiatives are so favourable to textile companies. Indian investors have also shown a strong interest in the African nation.
The Ethiopian Investment Commission (EIC) has increased its efforts to attract foreign direct investment, and hopes to secure total USD 3.5 billion investment by the end of this fiscal year.
Government shows strong support to Nigeria’s textile and apparel industry
The Government of Nigeria has recently announced that it will allocate 51 billion Nigerian Naira (USD 161 million) in this year’s federal budget to the development and resuscitation of the Nigeria’s struggling textile and apparel industry.
The government hopes this allocation will create more textile jobs, promote the production and purchases of locally-made textiles and clothing, improve infrastructure, increase domestic cotton production and develop technologies in the Nigeria’s textile and apparel industry.
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