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Skeptics deride textile bailout package
17
Feb '09
The textile industry in Nigeria has sent out mixed reactions in response to the announcement made by the Minister of State for Finance, Mr Babalola, to release the long waited N70 billion textile revival fund by the government.

The reactions of some was positive while those of others, skeptical who had seen similar packages doled out in the past. But a majority said that the announcement had come too late to save the industry at this juncture.

The Nigerian textile industry at its prime was the highest employment generator in the country, but years of government apathy and unrestricted imports of cheap fabrics and apparels has brought the industry to its knees.

Experts opine that it is a little late, since most of the textile mills have folded up, it will take a lot of effort to revive the junk laden machinery, while others say that it will change the course of the industry, if the funds are disbursed to the needy textile mills only.

The skeptics among them aver that a few years back when a similar package was announced and cheques handed over to the beneficiary mills, the cheques were returned without the funds being credited in to the accounts of the cheque recipients.

Fibre2fashion News Desk - India


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