Home / Knowledge / News / Textiles / Nigeria's BoI releases N56.48bn from CTG revival fund
Nigeria's BoI releases N56.48bn from CTG revival fund
12
Aug '13
Nigeria’s Bank of Industry (BoI) has announced that about N56.48 billion of the N100 billion Cotton, Textiles and Garmenting (CTG) Revival Fund allocated by the Federal Government has been distributed till date.
 
This was disclosed by BoI Managing Director, Evelyn Oputu said while speaking at a forum in Lagos on ‘bridging the gap between manufacturing and the Bank of Industry’.
 
The scope of the fund extends to cover all manufacturing activities, including garments, in addition to cotton production, spinning, processing and printing.
 
Giving analysis of the disbursement, Ms. Oputu said, the funds have been disbursed to fund 70 projects, which include N38.66 billion extended to 30 textile projects, N10.62 billion to 14 cotton/ginning projects, N3.703 billion to 25 garment sector projects and also N3.5 billion for funding support and logistics activities.
 
Represented by Executive Director Operations Mohammed Alkali, Ms. Oputu highlighted that various initiatives by BoI has resulted in creation of around two million job opportunities, and they expect to double this figure by end of the current year.
 
She said the BoI support has enabled the industries to boost their efficiency and competitiveness and grow their capacity utilization to 60 percent from 30 percent in 2009, when the fund was launched. 
 
The fund has also helped in saving 8,070 jobs, creation of 2,197 new jobs and reinstatement of 1,275 laid off workers, while ensuring better pay and welfare facilities to workers, Ms. Oputu said.
 
About the N236 billion earmarked for refinancing and restructuring SMEs and the manufacturing sector, she said BoI has distributed N232 billion to over 550 beneficiaries across all key sectors of the economy, again including cotton, textile and garment sectors.
 
Good availability of cotton affords Nigerian textile and apparel sector with strong growth potential, while the growth potentials of these sectors are also bright with a wide domestic market and also extended access to other markets, particularly the US, under the African Growth and Opportunity Act (AGOA).
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 26th Jul 2017

Q1 2018 revenue at Raymond soars 14%

The consolidated revenue of Raymond Limited for the first quarter of...

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Textiles | On 26th Jul 2017

Leather & footwear industry expecting incentive package

India’s leather and footwear industry is anticipating an incentive...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Robert Brunner
Devereux

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X