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Tuesday, January 20, 2015

Vlisco Group, FG sign investment MoU on cotton, textile and fashion sectors

The Dutch textile and design company, Vlisco Group, today signed a Memorandum of Understanding with the Federal Government of Nigeria, creating a platform for significant expansion in Africa’s largest economy. 

The Nigerian government in December 2014 approved a major revitalisation and reform of its Cotton, Textiles and Garment (CTG) sector. This will catalyse growth and jobs in Nigeria across the entire value-chain from cotton to fashion.

The pathfinding Memorandum of Understanding between The Vlisco Group and the Nigerian government details wide-ranging collaboration and support. Vlisco Group intends to offer Nigeria’s 188m consumers its four brands (Woodin, Vlisco, Uniwax and GTP). The Group will participate across the sector value chain from sourcing of cotton, textile printing, wholesale, retail and e-commerce distribution, garment manufacturing and supporting and promoting Nigerian fashion designers.

The MoU is expected to yield benefits for the Nigerian economy in terms of economic diversification and job creation in line with the Government’s Industrial Revolution strategy. Vlisco Group’s activities are expected to generate more than 10,000 jobs in Nigeria in the medium term. 

The Honourable Minster of Industry, Trade and Investment, Olusegun Aganga, commenting on the MoU stated: ”The Government of Nigeria is delighted to welcome this investment and partnership from the Vlisco Group into Nigeria. We are determined to rebuild this historically important sector with its job creation impact across the entire value chain from cotton fields to fashion. We are looking forward to implementing this strategic partnership with the Vlisco Group”.

Hans Ouwendijk, CEO of Vlisco Group: “We commend the Nigerian Government for its focus on revitalising this critical sector. The new policy enables the Vlisco Group to invest in Nigeria and to contribute to the building of a vibrant CTG sector. Nigeria is Africa’s largest consumer market and the opportunity to fully deploy our brands and business models in Nigeria provides a major boost to our growth ambition.”

Actis, as the majority shareholder in Vlisco Group, fully supports the Nigerian Government’s strategy for revitalising the textile sector. Fash Sawyerr, Director at Actis LLP: ”We applaud the Nigerian government’s focus on revitalising its CTG sector and diversifying its economy. We believe this significant agreement with Vlisco Group will be highly beneficial to Nigeria, job creation and to the Vlisco Group. We will provide our support to both parties to develop the intended benefits and economic impact across the textile value chain in Nigeria.”

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