Home / Knowledge / News / Textiles / Textile revival fund will greatly expand economy – Minister
Textile revival fund will greatly expand economy – Minister
Oct '09
Speaking at an International Conference on Nigeria's Textile Industry in Lagos, the Minister of State for Commerce and Industry, Mr. Humphrey Abah, said the Federal Government has completed plans to roll out a fresh scheme to rescue the nation's dying textile industry and bring about $57 billion expansion of the economy through the sector.

It may be recalled that the previous government of Olusegun Obasanjo had approved a N70 billion scheme to resuscitate the dying textile industry. But, nearly 4 years have lapsed since the announcement, but no money has been forth coming for a sector, which is on its crutches and needs to be helped to stand on its feet.

Mr. Humphrey Abah, said that the scheme, which would be launched in a fortnight, would induce $57 billion growth in the Nigerian economy as these funds would be pumped in to vital sub-sectors of the textile industry like, cotton farming, cotton ginning, yarn spinning, weaving of fabrics and finally the clothing manufacturing sector.

The Bank of Industry (BoI) would arrange for most of the funds for the scheme and only competitive and viable enterprises would be able to access it and would be available to the beneficiaries at a single digit rate of interest. He said electric power plants would also be covered under the scheme, since it is vital to the textile industry.

According to statistics, there were 120 textile factories in Nigeria in the 1980s, but has been reduced to just 45 now, most of which are operating at low capacities. Nigeria has been troubled by unrestricted illegal imports of cheap textiles and clothing and which have proved to be the nemesis of the textile and apparel industry.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 21st Oct 2016

China’s garment retail sales grow 7.2% in Jan-Sept ’16

Retail sales of garments, footwear, hats and knitwear of Chinese...

Mike Preston, executive director of the Arkansas Economic Development Commission (AEDC), signing MoU with Tang from Suzhou Tianyuan Garments company. Courtesy: Government of Arkansas

Apparel/Garments | On 21st Oct 2016

Suzhou Tianyuan to open $20 mn garment factory in US

Suzhou Tianyuan Garments company, a Chinese manufacturer of casual...

Textiles | On 21st Oct 2016

Pakistan’s textile exports fall 5.96% y-o-y in Q1 FY17

The value of textile and garment exports made by Pakistan decreased...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Jurgen Gauger

‘Buying crowdsourced or creative designs are much more appealing to the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eamonn Tighe
Nature Works LLC

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search