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Textile industry gets 70 bn euro aid

22
May '07
Alhaji Baba Yusuf Ahmed, the Managing Director and CEO of Nigerian Export-Import Bank (NEXIM), while attending a press meet in Abuja, revealed that Merrilynch of UK and First Bank of Nigeria Plc together have financed a bond of 70 million euros to restore the deteriorating textile industry.

The Federal Executive Council (FEC) has approved the bond and President Olusegun Obasanjo will present the forms to the interested applicants today.

Alhaji Baba also said that a supervising unit is created to ensure that the fund is used only for the textile industry purpose.

The Nigerian textile industries faced a loss as local manufacturers were unable to compete with imported materials.


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