Home / Knowledge / News / Textiles / Trade union leader demands three fold increase in revival funds
Trade union leader demands three fold increase in revival funds
Mar '09
Nigeria has been propagating a textile revival fund amounting to N70 billion since a long time, but without any tangible results. Now, the head of a major textile union says that N200 billion will be needed to stave off the crisis which engulfed the sector in Nigeria.

Mr Issa Aremu, General Secretary of the Textile Workers Union said that this figure was much more than the hyped N70 billion textiles and cotton industry revival fund announced by the government, but is yet to be implemented.

He advised the government to release a stimulus package for all sectors instead of only the textile sector, since all sectors had been affected in recent months and said the funds to disburse can be availed from lending agencies like NDIC and from the pension funds.

These loans, he suggested should be of long re-payment tenures and with low interest rates, preferably in single digits and the current interest rates of around 27 percent, does not provide a conducive atmosphere for investment.

He requested the government to immediately release the stimulus package; otherwise he warned that all sectors will start collapsing in quick order and increase un-employment across Nigeria, rendering the stimulus plan useless if it is delayed for long.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Rajiv Sirohi

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

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly
Suominen Corporation

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

Kevin Nelson

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sanjukta Dutta
Sanjukta's Studio

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

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

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


Browse Our Archives


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