Nigerian Textile Mills
The Nigerian Textile Mills Plc is a large Nigerian textile firm that started production of a variety of textiles including the spinning, weaving, printing and bleaching of finished cotton goods in 1962. It started out as a joint venture between the Western Nigeria Development Corporation and some foreign firms including Trans-Continental Mercantile Company of Milan, Chase Manhattan and Maurer Textiles. Its first mills was located in Ikeja.
The company was established with a capital of 2.6 million pounds and incorporated in 1960. The Ikeja mill started production on September 1, 1961 with the spinning, weaving and printing of different cotton goods including bafts and finished shirts utilizing new machines but its printing equipment was purchased used. Major early textile firms such as J.F. Kamson and the Kaduna Textiles Mills originally started production with the capital intensive spinning and weaving before jumping into bleaching unlike NTM which focused on the capital intensive aspects and also the printing aspects of the textile industry that required great technical skill. The firm was also one of the earliest to make use of computers within the industry. In 1967, it expanded its production to include coloured woven and dobby and printed cloths.
Early on, the Kaduna textile mill focused largely on the Northern Nigeria market while the Ikeja mill tapped into the Southern Nigerian market.
The company is currently going through a tough period in the textile industry partly due to competition from foreign textiles. In July 2004, the company went on operational recess producing only sacks.
Prior to the shutting down of the Ikeja mill, the company had to withstand the effects of competition by staff retrenchment and borrowing including a loan from the International Finance Company in 1987. In 1993, the company was privatized and bought by Aliko Dangote.ni