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Three point agenda for textile revival fund – Minister
24
Apr '09
A three point agenda has been revealed by the Federal Government to revive textile sector, said Achike Udenwa, Minister of Commerce and Industry. The minister informed that his ministry is focusing on this three point agenda.

This three point agenda is for increasing local production capacity, manufacturing more goods locally and for increasing non-oil exports, he said, after reviewing the local and international situations the ministry was able to draw its focus on several things.

Ministry's focus is now on increasing the production capacity, on manufacturing more goods locally, increasing non-oil exports and reducing import of consumables, he added.

The focus will also be on the reduction of import of those things, for which local alternatives can be obtained and also on the less required things. Furthermore, the minister said that, the sector will attain greater heights if these three goals will be achieved.

This agenda will also act as an investigative panel to find out the genuineness of companies that would be enjoying the benefits of N70 billion textile fund, which had been approved by the Former President Olusegun Obasanio led administration to revitalize the textile industry.

The minister informed that this investigative panel is to ensure that the N70 billion funds reach the genuine beneficiaries and are used for the promotion and betterment of the textile industry.

In this regard he said that, according to the preliminary investigations, few of the selected beneficiaries of N70 billion funds are not in business now and these people who were asking for the funds were highly respected people in the society.

Due to such kind of happenings, the Federal government is sending investigative teams to find out the real beneficiaries of the fund. Minister told that the exercise is still gong on. President Yar'adua is very much interested in this fund as it was committed by the immediate past administration.

Government has an export expansion grant policy, which, the ministry gives to the exporters to increase their competitiveness and though there have been some increases in the export of some goods, it has not reached expected levels.

He said that if the problem of electricity will be solved the country will receive more investments, in spite of the ongoing economic slowdown.

The minister was highly concerned about high rate of import of fake and sub-standard products into the country and informed that the Federal Government has signed agreement with two international agencies called TUV Rheinland group, Japan and Societe Generale de Survillance, France.

A similar kind of agreement would soon be signed in China with Chinese inspection agency. He added that the agencies would collaborate with the Standard Organization of Nigeria (SON) to eliminate sub-standard products in the country.

Fibre2fashion News Desk - India

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