Home / Knowledge / News / Textiles / Nigeria's BOI disburses 60% of Textile Revival Fund
Nigeria's BOI disburses 60% of Textile Revival Fund
Jun '13
Nigeria’s Bank of Industry (BOI) has disbursed about 60 percent of the N100 billion Textile Revival Fund, according to the bank’s managing director Evelyn Oputu.
Ms. Oputu, who is currently attending the 20th Anniversary and Annual General Meeting of Africa Export-Import Bank in Addis Ababa, said the Textile Revival Fund has started showing results and has generated about 25,000 new jobs.
She told reporters that the Revival Fund has also sustained some textile businesses, which would have otherwise been closed by now, vanguardngr.com reported.
She said the scope of the Fund has been extended to cover all manufacturing activities, including garments, in addition to cotton production, spinning, processing and printing.
Cotton production in Nigeria declined from 98,000 tons in 2006 to 55,000 tons in 2010. Similarly, the capacity utilization in Nigeria’s textile and apparel industry decreased from 50.75 percent in 2003 to 20.14 percent in 2010.
Ms. Oputu, however, said that the Nigerian textile industry is bouncing back.
In order to boost the country’s textile and apparel sector, the Government of Nigeria has included the sector in its Industrial Revolution Plan and it is also striving to boost cotton production.
Earlier in January this year, Nigeria’s Minister of Trade and Investment Mr. Olusegun Aganga said the Government expects the textile and apparel sector to create more than 60,000 new employment opportunities by 2020. For the purpose, efforts are being made to revive the entire textile value chain, he added.
The Minister said Nigeria’s textile and clothing sector has a strong potential to grow due to availability of cotton, knowledge of the sector, and the country’s large market-size represented by over 167 million inhabitants, who provide a natural market for textiles and apparels.
Moreover, there is also scope to export Nigerian textiles and apparels to other markets, especially to the US under the African Growth and Opportunity Act (AGOA), he said.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Courtesy: Authentic Brands Group

Apparel/Garments | On 17th Jan 2017

Teen retailer Aéropostale reopens 500 stores in US

Teen apparel retailer Aéropostale has reopened 500 stores in the US,...

Courtesy: Centric Software

Information Technology | On 17th Jan 2017

Centric releases version 6.0 of PLM solution

Centric Software, the leading PLM solution for fashion, retail,...

Interviews View All

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search