Home / Knowledge / News / Textiles / N50-bn CBN revival fund for Nigeria's textile industry

N50-bn CBN revival fund for Nigeria's textile industry

24
Jul '20
Pic: Shutterstock
Pic: Shutterstock
The Central Bank of Nigeria (CBN) recently announced N50 billion special mechanism funds to revive the country’s ailing textile industry. The funds, to be administered by the Bank of Industry (BoI) at a 4.5 per cent interest rate, will use any of the CBN-approved non-interest financing instruments for refinancing of projects, long-term financing for acquisition of plant, and machinery and working capital for beneficiaries.

A statement signed by CBN director of financial policy and regulation department Kelvin Amugo containing the guidelines for the revival was released by the bank.

The seed fund, which is a one-off intervention, will terminate by December 31, 2025, with the maximum financial amount pegged at N2 billion for a single obligor for new facilities and N1 billion for refinancing, according to Nigerian media reports.

The plan to turn around the textile sector was finalised at the August 7 meeting between CBN governor Godwin Emefiele and textile mill owners.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 22nd Sep 2020

ICSA plans to chart way forward for wool in Ireland

The Irish Cattle and Sheep Farmers' Association recently held...

Pic: Centric Brands

Retail | On 22nd Sep 2020

Centric Brands confirms reorganisation plan

US-based Centric Brands Inc. recently announced that the US...

Pic: Cone Denim

Textiles | On 22nd Sep 2020

Cone Denim joins hands with Oritain for traceability

Cone Denim, a global leader in denim authenticity and sustainable...

Interviews View All

Victor Chao, Esmetex

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Textile Industry, Head honchos

Textile Industry
Head honchos

Strike a balance between handmade in India and 'Make in India'

Lucilla Booyzen,

Lucilla Booyzen

South African Fashion Week (SAFW) is a B2B marketing platform for fashion, ...

Davide Maccabruni,

Davide Maccabruni

Schärer Schweiter Mettler (SSM) manufactures and supplies textile...

Vikram Juneja,

Vikram Juneja

Jaquard is a training institute providing a highly specialised training...

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

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

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

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

Leave your Comments


September 2020

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


Advanced Search