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Govt grants added N80 bn to textile industry

27
Apr '07
Federal Government has decided to provide a grant of N80 billion for the textile manufacturers and farmers, in addition to the already approved N50 billion fund.

This amount has been granted to solve the problems like illegal trading and fake brand products that have plagued textile industry and develop exports.

Ministry said that Government needed to take aggressive and immediate steps, when the number of textile factories in the countries tumbled from 170 to mere 10.

For the second phase of this promotional plan, Bank of Industry (BOI) had agreed to disburse 1,180 loans worth N75 billion by the end of 2008.

Statistics reveal that free trade zones (FTZs) attracted US $8.8 billion foreign direct investment (FDI) in the last eight years.

Officials inform that Snake Island Free Zone is expected to be revamped with enhanced logistics at around $120 million FDI.

Tinapa Free Trade Zone and Resort worth N55 billion has over 70 percent of contribution from FDIs.


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