The textile revival package has been in the making and several announcements to the effect had made in the recent past, but only a grave warning from United Nations Industrial Development Organisation (UNIDO) got the government moving.
The Minister of Commerce and Industry, Mr Achike Udenwa, had announced last week that the government will release the funds at the earliest. The Bank of Industry (BoI) is partnering UNIDO in channelizing the funds to the beneficiaries.
A few days earlier to the announcement by the Minister, UNIDO had warned of grave consequences to the economy if the revival fund was not released immediately and spoke about unemployment in large numbers.
The partnership of BoI and UNIDO will set the tone for the direction and steps to be taken for the revival of the textile sector and will focus on production of cotton, in particular, which is the main raw material for the industry in Nigeria.
Weak links in the whole textile value chain from cotton, yarn, fabric to clothing would be removed and the priority would be to increase productivity by technologically upgrading the textile machinery of the mills in the sector.
Fibre2fashion News Desk - India
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