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

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

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...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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