The Chief Executive Officer of Vlisco Group, Mr. David Suddens, who led the group’s delegation to the meeting with Minister, said the investment would boost growth and jobs in Nigeria across the entire value-chain from cotton to fashion.

The Group is participating across the sector value chain from sourcing of cotton, textile printing, wholesale, retail and e-commerce distribution, garment manufacturing and supporting and training of Nigerian fashion designers.

He said, “Vlisco foresees an end-to-end involvement in the Nigerian textile industry from cotton sourcing to retail. We are expecting this investment to yield benefits for the Nigerian economy in terms of economic diversification and job creation in line with the country’s Industrial Revolution strategy.

“Vlisco Group’s activities are expected to generate more than 10,000 jobs in Nigeria in the medium term. We also envisage a Vlisco printing factory in Nigeria using Nigerian designs for the Nigerian consumer, retail outlets selling Vlisco products and trained tailors sewing Vlisco fabric into garmet.”

Suddens further noted that the group had formed partnership with two spinning and weaving companies based in China and Pakistan in order to help build the Nigerian cotton textile industry.

“The two partners are very serious industrialists with first-class operations in their own countries. Both are prepared to move quickly if Vlisco guarantees the purchase of their output, and if agreement can be reached on the details of the Nigerian operation,” he added.

The two partners, according to him, are expected to start operations with a weaving mill of between 120 and 140 looms, with each mill producing approximately 12 to 15 million metres of cotton fabric annually.

“Once success is established, both partners will integrate backwards into spinning. The first spinning mills will be for 25,000 spindles, producing yarn for approximately 20 million metres of fabric.

“These mills will then be doubled in size to 50,000 spindles and the weaving mills will also be doubled to 240-280 looms for each factory,” the foreign investor explained.

The Minister of Finance, Mrs. Kemi Adeosun, who expressed delight at Vlisco’s proposed investment in the cotton textile industry, said the Federal Government was committed to the revitalization of the cotton textile industry.

She disclosed that the Government would stimulate and support sustainable value addition along the entire cotton, textile and garment sub-sector in order to create jobs and wealth for Nigerians and enable technology transfer.

She urged the investor to take advantage of the Nigerian Government’s incentives for the cotton, textile and garment sub-sector to expand its brand portfolio in Nigeria.

The Vlisco Group designs, produces and distributes fashion fabrics 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 4 brands: Vlisco, Woodin, Uniwax and GTP.

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The minister gave the advice on Friday during a Finance Ministers’ meeting convened by the G24 Group at the ongoing IMF/World Bank Spring meetings in Washington DC.

She discussed strategies to drive non-oil revenue growth and achieve inclusive growth in Nigeria.

“Revenue mobilisation is critical to the success of Nigeria’s economic reform agenda.

“We have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.

“With a tax to GDP ratio of only six per cent, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth.

“Our data gathering programme, over the past year, has now given us the tools we need to be more aggressive at pursuing tax evaders both domestically and abroad,” she said.

Adeosun said that Nigeria’s strategy to improve tax in 2017 was through an asset income declaration scheme to address low tax revenue collection and ensure improved compliance.

She said that the strategy would lead to a broader tax base and more sustainable revenue for all tiers of government.

“This is fundamental to delivering on our reform plans,” she said.

Adeosun also highlighted the need for strong budget implementation and transparency to create trust and accountability in government:

“While we focus on raising revenue and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency.

“Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development and the daily lives of citizens.

“This will be a core focus for us,” she said.

The minister, during her stay in the U.S, will also meet with the ratings agencies Moody’s and Fitch to update them on progress toward economic reform objectives.

Adeosun and the CBN Governor, Mr Godwin Emefiele, will also meet with the World Bank Country team to discuss the status of ongoing projects in Nigeria and planned projects for 2018.

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