Minister of Commerce and Industry, Charles Ugwu, yesterday said Nigeria is at a crossroad as regards reviving the ailing textile industry, but expressed government's determination to revamp the industry with N70 billion fund being sourced by UBA and the NEXIM Bank.
Ugwu, who was at the National Assembly Complex for an interactive hearing organised by the House of Representatives Committee on Commerce and Industry, said the matter is now very complex and requires a solution that would cause pain to some and joy to others.
He, however, said if the country can make a conscious decision to confront the matter, the pains would be absorbed with a view to reap the benefit in the future.
"I am only pointing out dilemma of the choices available to us as a nation, there are probably about seven products that we have to look and say look, nationally we decided to make this choice and that is it. I believe if we take a step at the right direction at a time; no matter the age, others will take over from us.
"The problem I've seen about Nigeria is that when the leaders take a decision, they consider their age. That shouldn't be the issue, if we start it right, the coming generation will take over from where we are," said Ugwu and listed infrastructure, power supply and road as the key problems confronting the industry.
According to him, Nigeria will have to close her eyes for two or three years to claims of losing money and provide incentives for people to make investment.
