Home / Knowledge / News / Textiles / Minister reiterates commitment to textile sector
Minister reiterates commitment to textile sector
18
Dec '09
Mr Achike Udenwa, Minister of Commerce and Industry re-stated the commitment of the present government to revive the industrial sector, with the textile industry in particular, since it is the worst hit, from amongst all sectors.

This was announced by the Minister at the official launch of "Campaign on Patronage of Made in Nigeria Products" held in Rivers State.

He said that the economy of Nigeria was integrated with the world economy; as such it could not escape the adverse impact of the recessionary trends, whether it be fall in the stock markets, in government revenue, arising from the fall of crude oil prices as well as in manufacturing sector as evidenced in the loss of million of jobs.

He regretted that the textile industry was now only a shadow of itself and pointed out by saying that that the textile industry in its heydays used to employ over 500,000 people and at that time cotton production touched 320,000 tons and was in plenty.

Apart from 125 textile companies, there were around 72 ginneries. The minister disclosed that it was in order to reverse this trend, that the government came up with the N70 billion cotton and textile revival fund which has now been increased to N100 billion.

Fibre2fashion News Desk - India

Must ReadView All

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

RBI Governor Urjit Patel and other officials addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

RBI withdraws the incremental CRR from Dec 10

The Reserve Bank of India (RBI) has decided to withdraw the...

Textiles | On 7th Dec 2016

‘Price-competitiveness is crucial for China yarn market’

Kikani Exports, India based yarn supplier with 12 years of experience ...

Interviews View All

Saket Garg
Garg Corporation

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

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

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

Sonam & Paras Modi
SVA

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Igor Chapurin
Chapurin

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

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search