Northern Union wants Govt to release textile funds

13 Apr '09

1 min read

The Northern Union has insisted that the Federal Government release the N70 billion textile revival fund to be allocated for the Nigerian cotton and textile industries, that used to employ more than 2,00,000 workers.

The Chairman of Management Committee of the Union, Chief Patrick Adaba said that necessary measures would be taken by Northern union to make sure that government releases funds to revive textile industry. Adaba was addressing media in Abuja on the Union's tour of the north-western part of the country.

Further he said that, the N70 billion fund was approved by the former president of Nigeria, Olusegun Obasanjo, to rehabilitate the cotton sector as well as to revitalize textile industry of the country.

Adaba also revealed that the recent policies introduced by the Central Bank CBN may be good for the economy of the country but not for the people in the country. The new policy on the recapitalization of the 'Bureaux de change' crippled many businesses.

Regarding this Adaba added, "We believe that government should in fact, review the role of the CBN in the economy and limit its functions, in line with internationally accepted practice."

Fibre2fashion News Desk - India

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