Home / Knowledge / News / Textiles / Textile revival fund will greatly expand economy – Minister
Textile revival fund will greatly expand economy – Minister
21
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

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Jurgen Gauger
Spreadshirt

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

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

January 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search