Home / Knowledge / News / Textiles / Nigerian textile sector has effectively used CTG fund: VP
Nigerian textile sector has effectively used CTG fund: VP
06
Sep '13
Nigerian Vice President, Alhaji Namadi Sambo, has commended operators of textile industries in the country for the effective use of the Cotton Textile and Garment (CTG) Revival Fund. 
 
A group of chief executives from textile industries in the country led by Senator Walid Jibril met the Vice President at the State House of Abuja, in Nigeria, reports Nigerian Tribune.
 
At the meeting, the Vice President expressed that the Government takes a keen interest in the growth of textile industries due to the sector’s ability to provide employment to a large number of people, create wealth and improve the economy of the country.
 
The Vice President acknowledged the representatives’ request for Government assistance in securing textile loans with long tenor, and assured that the Government would look into their request with a view to linking them with the relevant financial institutions that would assist in that direction. 
 
Earlier, the textile industry operators through a presentation to the Vice President had enumerated the gains which they derived from the CTG fund such as arresting unemployment, boosting the income of the Nigerian cotton farmers, revival of closed textile mills, modernization of equipment and textile mills to improve quality and efficiency, diversification of product mix to expand technical textiles, increase in foreign exchange earnings through non-oil exports and the promotion and branding of ‘made-in-Nigeria’ textiles through retailing amongst others.
 
Since the disbursement of the loans, there has been an increase of active textile mills from 25 in 2009 to 32 mills in 2012 with the consequent effect of stabilizing the workforce at 24,000.
 
The CTG fund allocated by the Federal Government, which is under the management of the Nigerian Bank of Industry (BOI), has disbursed about N56.48 billion of the total N100 billion, to various textiles, garment and cotton ginning projects in the country.
 
 

Fibre2fashion News Desk - India


Must ReadView All

Israeli minister announces tax cuts on consumer goods

Apparel/Garments | On 14th Dec 2017

Israeli minister announces tax cuts on consumer goods

The Israeli Government will slash taxes by $227 million, finance...

Courtesy: Kelvin Techstyles

Apparel/Garments | On 14th Dec 2017

Kelvin Techstyles fuses style and function in city apparel

Fusing style and function in outdoor clothing, Roseville,...

India’s WPI inflation for textiles up 0.3% in Nov 2017

Textiles | On 14th Dec 2017

India’s WPI inflation for textiles up 0.3% in Nov 2017

India’s annual rate of inflation, based on monthly wholesale price...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Urmil Arya

Sushila International, a well established textile organisation established ...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Ashok Desai
Bombay Textile Research Association

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

Kevin Nelson
TissueGen

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Yash P. Kotak
Bombay Hemp Company

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

December 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

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

Yes No

Active Poll

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

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

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

Yes No

Active Poll

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

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

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

Active Poll

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

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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