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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

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