The disbursement of the proposed N100 billion textile revival fund would be closely monitored to ensure that only genuine companies benefited from it, said the Minister of Commerce and Industry, Achike Udenwa.
Speaking at a forum, he said, “This is to ensure that the disbursal amount is not misappropriated and reaches the actual beneficiaries and not to those companies who have actually shut down their operations”.
He however warned that the disbursal of the fund would not sort out the problems the sector is facing in the short term, rather, other measures like effectively stopping rampant and illegal smuggling of textiles, would also need to be undertaken.
Employment in the textile industry declined from 200,000 in 1985 to about 24,000 in 2008 and the sector has been plagued by problems like smuggling, inadequate power supply, high interest rates and low demand for Made in Nigeria goods.
Fibre2fashion News Desk - India
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