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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

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