An Examination of Financial Challenges in the Textile Industry: A Study of Aba Industrial Hub, Abia State
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Background of the Study
The textile industry plays a significant role in Nigeria's economy, contributing to employment generation, export earnings, and industrial growth. Aba Industrial Hub in Abia State is renowned for its textile and garment manufacturing, which caters to both domestic and international markets (Eze & Adiele, 2023).
Despite its potential, the textile industry in Aba faces numerous financial challenges, including limited access to credit, high production costs, and fluctuating exchange rates. These financial constraints hinder growth and reduce the competitiveness of textile firms in local and global markets (Okoroafor, 2024).
This study examines the financial challenges faced by textile firms in Aba Industrial Hub, exploring their impact on business performance and potential solutions to enhance the sector's financial stability.
Statement of the Problem
The textile industry in Aba suffers from persistent financial challenges that impede its growth and sustainability. Limited access to affordable financing, high interest rates, and inadequate government support exacerbate the situation, leaving many firms unable to invest in modern equipment or expand their operations (Nwankwo et al., 2025).
This study investigates these financial challenges, identifying their root causes and proposing strategies to address them for the revitalization of the textile industry in Aba.
Objectives of the Study
1. To identify the financial challenges faced by textile firms in Aba Industrial Hub.
2. To analyze the impact of financial challenges on the performance of textile firms.
3. To recommend strategies for improving financial stability in the textile industry.
Research Questions
1. What financial challenges do textile firms in Aba Industrial Hub face?
2. How do these financial challenges affect the performance of textile firms?
3. What strategies can improve the financial stability of the textile industry?
Research Hypotheses
1. Financial challenges significantly affect the performance of textile firms.
2. Limited access to credit hinders the growth of textile firms in Aba Industrial Hub.
3. Government intervention improves financial stability in the textile industry.
Scope and Limitations of the Study
The study focuses on textile firms in Aba Industrial Hub, examining their financial challenges and potential solutions. Limitations include the diversity of firms within the hub and the dynamic nature of financial policies affecting the industry.
Definitions of Terms
• Textile Industry: The sector involved in the production of fabrics, clothing, and related materials.
• Financial Challenges: Difficulties related to accessing and managing financial resources.
• Industrial Hub: A geographic area with a concentration of businesses and industries.
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