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

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mohammad Hassan
Biax Fiberfilm

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Robert Brunner
Devereux

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

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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