Nigeria spent N5.60 billion ($20million) on the importation of jute bags by end of 2015, despite the fact that the country had the potential of becoming a net exporter of bags.
This was disclosed, yesterday, by the Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, during the inauguration of Kenaf Producers, Processors and Marketers Association of Nigeria, held in Abuja.
Aisha said that if Nigeria developed its capacity in kenaf processing and production, jute bags can be locally manufactured thereby saving the country scarce foreign exchange.
“Investment in kenaf would not only create millions of jobs needed for the teeming unemployed youth but would also increase the standard of living for all stakeholders in the commodity value chain,” she said.
The national president of the association, Hassan Abubakar, said that about 80 per cent of the kenaf plant was a multi-products money spinner.
The president said that two investors have indicated their interest in the commodity.
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