National Economy
Thursday, June 5, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Lead-In

‘Nigeria’s Textile Industry Accounts For 0.01% Of AGOA Imports’

by `
7 months ago
in Lead-In
Reading Time: 2 mins read
Textile
Share on FacebookShare on TwitterShare on Telegram

You May Like

FLOOD THREATS: Disaster Looms Over Absence Of Climate-resilient Agriculture

The Dangerous Rise Of Non-state Tax Collectors In Nigeria

Founder and CEO of Agate Solutions LLC, Shaquana Teasley, has revealed that Nigeria’s textile and apparel sector contributed a mere 0.01 per cent of imports to the United States under the African Growth and Opportunity Act (AGOA) in 2023.
Teasley shared this statistic at the AGOA training workshop organised by USAID and Prosper Africa, which aimed to equip export-ready Nigerian businesses, trade officials, and stakeholders with the knowledge and skills needed to maximise AGOA benefits and enhance its utilisation in Nigeria.
The African Growth and Opportunity Act, enacted in 2000, is U.S. trade legislation designed to strengthen trade and economic relations between the U.S. and eligible sub-Saharan African countries. It allows certain products to be exported to the U.S. duty-free, providing significant advantages for eligible nations.
Teasley highlighted that Nigeria’s textile and apparel exports under AGOA totaled only $548,000 in 2023, reflecting a disappointing share of the continent’s total textile and apparel exports. “In comparison to the peak AGOA utilisation in 2008, where imports reached $35.3 billion, the current figures indicate a significant decline,” she noted.
In 2023, of the $5.7 billion in total imports from Nigeria to the U.S., only $3.8 billion benefitted from duty-free access under AGOA. Notably, fuel comprised a significant portion of this, accounting for 98 per cent of AGOA imports in 2003, totaling $3.7 billion. Other categories, such as metals and ores, agricultural products, and chemicals, contributed minimally, with metals at $63 million (2%), agriculture at $25 million (1%), and chemicals at $4 million (0.1%).
Teasley emphasised the untapped potential of Nigeria’s textile and apparel industry. “AGOA presents a lucrative gateway for Nigerian textile producers to enter the U.S. market; however, the sector has not fully capitalised on this opportunity,” she stated during her address to stakeholders.
To address this gap, the AGOA training workshop focused on helping stakeholders navigate the complexities of AGOA and the U.S. market. Sessions provided insights into AGOA provisions, market requirements, and strategies for expanding exports. By emphasising capacity building and knowledge sharing, the workshop aims to empower Nigerian exporters to fully leverage AGOA benefits.
“The training is designed to equip participants with the knowledge and tools necessary to take full advantage of AGOA’s benefits,” Teasley explained. Increasing awareness and understanding of AGOA could significantly boost Nigeria’s textile exports.
Another key focus of the workshop is enhancing the competitiveness of Nigerian textile products on the global stage, particularly against producers from other AGOA-eligible countries like Kenya, which have made substantial strides in U.S. market penetration. Teasley stressed the importance of strengthening local production capacity and ensuring compliance with international standards to improve Nigeria’s position in AGOA exports.
She also encouraged collaboration between the public and private sectors to drive the industry forward and harness the full potential of AGOA.
The United States, through the Office of the United States Trade Representative (USTR), annually assesses whether countries meet the eligibility requirements for AGOA benefits. This means beneficiary status can be granted or revoked at the U.S. President’s discretion.
AGOA eligibility criteria are outlined in Section 104 of the AGOA legislation (Public Law 106/200). Only sub-Saharan African countries are considered eligible, and the list can change over time. Nigeria is among the eligible countries, which include Angola, Benin, Botswana, Cape Verde, Chad, Comoros, Congo (Republic), Congo (DRC), Côte d’Ivoire, Djibouti, Eswatini, Gambia, Ghana, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mauritania, Mauritius, Mozambique, Namibia, Rwanda, São Tomé and Príncipe, Senegal, Sierra Leone, South Africa, Tanzania, Togo, and Zambia.

 

Tags: Textile
ShareTweetShare
Previous Post

NCC Reports 1.4m Increase In Nigeria’s Internet Subscribers In September

Next Post

World Bank Urges CBN To Stop Ad-Hoc Forex Auctions

ANOTHER GOOD READ

FLOOD THREATS: Disaster Looms Over Absence Of Climate-resilient Agriculture
Cover

FLOOD THREATS: Disaster Looms Over Absence Of Climate-resilient Agriculture

1 month ago
The Dangerous Rise Of Non-state Tax Collectors In Nigeria
Fiscal Policy

The Dangerous Rise Of Non-state Tax Collectors In Nigeria

1 month ago
Revenue Loss Grips Nigeria, Others Over Oil Price Drop
Lead-In

Revenue Loss Grips Nigeria, Others Over Oil Price Drop

1 month ago
CVFF: FG Opens $25m Vessel Loan Access For Indigenous Shipping Firms
Lead-In

CVFF: FG Opens $25m Vessel Loan Access For Indigenous Shipping Firms

1 month ago
FG Launches LEEP, Targets 2.5m  Jobs In 2 Years
Lead-In

FG Launches LEEP, Targets 2.5m Jobs In 2 Years

1 month ago
Nigeria Unveils National AI Strategy To Accelerate Innovation, Growth
Lead-In

Nigeria Unveils National AI Strategy To Accelerate Innovation, Growth

1 month ago
Next Post
World Bank Urges CBN To Stop Ad-Hoc Forex Auctions

World Bank Urges CBN To Stop Ad-Hoc Forex Auctions

Most Recent

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

June 3, 2025
1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

June 3, 2025
FIRS Engages Oil, Gas Stakeholders On E-invoicing Ahead Of July Launch

FIRS Entering New Era Of Excellence, Trust — Adedeji

June 3, 2025
JUST-IN: Reps Pass Tax Reform Bills

N250bn Public Expenditures Unaccounted — Reps

June 3, 2025
5 Unicorns In 9 Years, Who Does That?

5 Unicorns In 9 Years, Who Does That?

June 2, 2025
Guinness Record: Ali Seeks Gov Eno’s Support For World Title Fight

Guinness Record: Ali Seeks Gov Eno’s Support For World Title Fight

June 2, 2025
2026 World Cup Could Change Football Experience – Neymar

2026 World Cup Could Change Football Experience – Neymar

June 2, 2025
2025 National Sports Federations’ Board Elections: NSC Unveils Timeline Proposed Timelines For 2025 National Sports Federations’ Elections

2025 National Sports Federations’ Board Elections: NSC Unveils Timeline Proposed Timelines For 2025 National Sports Federations’ Elections

June 2, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy