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'Textile package will be released soon' – Mr Udenwa, Minister
26 Mar '09
1 min read
The Minister of Commerce and Industry, Mr Achike Udenwa has amid mounting pressure, announced that, the N70 billion dollar textile revival package will be released to the genuine stake holders very soon to modernize their machinery.
The disbursal of the textile revival fund will be done by a designated bank and called on the government and the local people to reorganize their priorities to meet the economic crisis head-on as the tentacles of the slowdown were spreading with each passing day.
He had a note of warning when he said that, the future looks bleak for Nigeria as well as several African countries which are seeing their foreign exchange reserves dwindling, contributed to a large extent by the falling currencies and slow economic growth rates.
The disbursal of the textile revival fund will be done by a designated bank and called on the government and the local people to reorganize their priorities to meet the economic crisis head-on as the tentacles of the slowdown were spreading with each passing day.
He had a note of warning when he said that, the future looks bleak for Nigeria as well as several African countries which are seeing their foreign exchange reserves dwindling, contributed to a large extent by the falling currencies and slow economic growth rates.
Fibre2fashion News Desk - India
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