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Textile sector upset over ministers comment
17
Apr '10
Textile producers condemned comments made by the Minister of Commerce and Industry, Senator Jubril Kuye, saying that the sector as yet does not require financial support from the Federal Government.

These producers were also upset over Kuye's comment that the government should not hurry to disburse textile revival funds. Speaking on behalf of the Nigerian Textile Manufacturers Association (NTMA), the producers stated that, disbursal of textile revival funds was in fact important to revive the sector. This was further confirmed by experts and stakeholders of the sector. Almost 30 percent of the problems faced by the sector, are mainly due to lack of finance.

Kuye, on his way out on an overseas tour, had said that, “With decades of experience in my pocket, I know where the real trouble lies. Thus, I suggest that the government should not pay out the revival package incentives so soon.”

He also said that, “For example, if the fund is provided now to the textile industries and they receive insufficient supply of electricity to run their machines, then the fund provided will be a waste. Instead, supply of continues electricity will help them operate their business flawlessly and then the funds could be of use to them.”

Kuye had also informed that, “It has to be beyond just giving out money to the textile sectors, along with which it is also necessary to ensure cotton is grown in abundant quantities and these mills are provided with regular supply of cotton.”

According to NTMA Director General, Jayeola Olarewaju, the minister's statement that a textile revival fund would be wasted, was absolutely wrong.

Stressing on the need of fund support, Olarewaju said that, “It was a well thought-out result of several meetings and committees under the former President Olusegun Obasanjo's administration. A part of the recommendations also read that, the Textile Up-Gradation Fund (TOF) be set up under the Bank of Industry (BOI), to provide long-term loans at single digit interest rate, as available in India.”

Fibre2Fashion News Desk - India


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