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NUTGTWN seeks more funds for textile sector revival
03
Apr '13
Textile workers of Nigeria want the Federal Government to inject more money for revival of the ailing textile units across the nation.
 
Seeking higher funds, the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN) claimed that with the N 100 billion initially provided by the Federal Government, it would be only possible to revive 38 firms.
 
During a media briefing at the union’s secretariat in Lagos, NUTGTWN National President Dele Hunsu said the present economic scenario in the country is not in favour of the textile industry and stressed on the need for further allocation of funds for revival of the sector.
 
He said NUTGTWN’s main concern at the moment is to identify effective means to implement policies of the Federal Government that are aimed at revival of the domestic textile industries.
 
He urged President Goodluck Jonathan to review his administration’s transformation agenda so as to expedite the revival of the textile industry in the country.
 
Requesting the Government to favourably consider the issue, NUTGTWN General Secretary Isa Aremu stressed on the need to review the bailout plan launched by former President Olusegun Obasanjo’s Government and executed by Umaru Yar’Adua’s administration. 
 
Mr. Aremu, also the Vice President of the Nigeria Labour Congress (NLC), said bailout fund would not be a charity, but a long-term loan from the Bank of Industry (BoI) at a single digit interest rate for reviving the industry.
 
He explained that it would be a relatively cheaper source of accessing funds as compared to the loans from commercial banks.
 

Fibre2fashion News Desk - India


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