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CBN proposes to offer financial aid to textile industries
27
Oct '15
The Central Bank of Nigeria (CBN) has proposed to provide financial assistance to textile industries in order to boost the economy of the country, according to Nigerian media reports.

CBN governor Godwin Emefiele recently held a meeting with garment and textile manufacturers in Abuja and offered to assist them in order to solve issues hampering production. He stressed that garment and textile manufacturing industries generate employment and contribute to the country's economy and hence must be given assistance to function optimally.

Emefiele especially stressed on helping small and medium scale manufacturers with accessing loans from banks to resume full production without having to worry about short tenure and suspension.

Alhaji Ismaila Isa Funtua, representative of the United Nigeria Textile Limited (UNTL) discussed about restructuring the loan from Bank of Industry and making cotton, the basic raw material for the textile and garment industry, easily available to manufacturers. (HO)

Fibre2fashion News Desk - India

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