Home / Knowledge / News / Textiles / Nigeria's apex bank to rescue textile & garment industry
Nigeria's apex bank to rescue textile & garment industry
13
Aug '15
Godwin Emefiele
Godwin Emefiele
Nigeria's apex band, the Central Bank of Nigeria (CBN) has started a programme aimed at revival of the country's cotton textile and garment (CTG) industry, Nigerian media reported.
 
CBN would provide loan at single digit interest to the CTG industry under the Real Sector Support Facility (RSSF).
 
During a meeting with representatives of the country's textile and apparel industry in Lagos, CBN governor Godwin Emefiele said the textile and clothing sector, which once had over 150 mills and employed more than one million people, is now completely dominated by imports from Asian countries.
 
Seeking collective efforts of all stakeholders to play their role to bring the country's CTG sector back to its past glory, Emefiele said the apex bank is ready to provide funding for the industry under RSSF.
 
The CBN decision comes few months after the US government extended the expiry of the African Growth and Opportunity Act (AGOA) till September 2025. The act provides enhanced market access for certain goods from qualifying countries in sub-Saharan Africa, including Nigeria.
 
Textile industry chairman Grace Adereti said the industry is currently in a state of coma, and less than 20 textile companies are operational compared to more than 150 mills that were once operational.
 
In the first quarter of 2015, Nigerian textile, apparel and footwear segment produced goods worth N460 billion ($2.31 billion), accounting for 21.7 per cent of the country's manufacturing output.
 
Nigeria also produces cotton, but its production decreased by more than 50 per cent to 200,000 bales of 480 lb in 2014 compared to 420,000 bales a decade ago, according to the US Department of Agriculture. (RKS) 
 

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kevin Nelson
TissueGen

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

Madhu Jain
Madhu Jain

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

Sanjukta Dutta
Sanjukta's Studio

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing 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

news category


Related Categories:
June 2017

June 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