Home / Knowledge / News / Textiles / Government finally approves much awaited textile revival fund
Government finally approves much awaited textile revival fund
29
May '09
An N100 billion cotton and textile revival fund has been approved by the Federal Government for stakeholders in textile sector. This fund is to revive the textile sector and also to improve the value chain from the cotton fields till the textile mills.

As per the information available, Government's new policy will involve an intervention to improve quality and quantity of cotton yields, revitalize cotton ginneries and encourage value-added production in the textile sector.

Building new power plants in the cotton belt is also included in this comprehensive intervention. This multi-pronged program is a part of the Yar'Adua administration's agenda to re-link farming and industry.

The new deal for the cotton and textile sector is aiming at empowering the textile industry to fulfill the local needs and export to the vast markets in West and Central Africa.

The government is trying to stop the dumping of textile products from China, to achieve this aim, since this dumping has destabilized the local textile industry and led to factory closures and job losses.

Government will also supply cotton seeds to the farmers that can produce long staple fiber cotton which in turn will help to manufacture yarn count between 33 and 45 against the existing yarn count of 28.

Yar'Adua government hopes to encourage investors to rise up the textile value chain by moving into garment production. The government will try to provide the same boosting effect which led to growth of garment manufacturing companies in many parts of Asia and Latin America.

An expert said that, garment factories can create jobs and the skills imparted in these factories could help the rapidly increasing fashion industry in Nigeria, to move to another level and added by saying that it may be possible to see clothing with 'Made in Nigeria' labels across the world, if the plan was executed successfully.

Fibre2fashion News Desk - India


Must ReadView All

Moments of EPA signing in Tokyo. Courtesy: Twitter handle of Jean-Claude Juncker

Textiles | On 18th Jul 2018

EU and Japan sign Economic Partnership Agreement

European Union and Japan have signed an Economic Partnership...

Courtesy: Tego

Apparel/Garments | On 18th Jul 2018

Tego plans to expand product range in 2018-19

Tego, a company that creates premium athletic gear for modern...

Courtesy: rawpixel.com from Pexels

Textiles | On 18th Jul 2018

Hike in import duty on textile-apparel by India beneficial

The Indian Government’s decision to raise import duty on textile and...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Urmil Arya

Sushila International, a well established textile organisation established ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

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

news category


Related Categories:

Advanced Search