Interviews
Minister reiterates commitment to textile sector
18 Dec '09
2 min read
Mr Achike Udenwa, Minister of Commerce and Industry re-stated the commitment of the present government to revive the industrial sector, with the textile industry in particular, since it is the worst hit, from amongst all sectors.
This was announced by the Minister at the official launch of "Campaign on Patronage of Made in Nigeria Products" held in Rivers State.
He said that the economy of Nigeria was integrated with the world economy; as such it could not escape the adverse impact of the recessionary trends, whether it be fall in the stock markets, in government revenue, arising from the fall of crude oil prices as well as in manufacturing sector as evidenced in the loss of million of jobs.
He regretted that the textile industry was now only a shadow of itself and pointed out by saying that that the textile industry in its heydays used to employ over 500,000 people and at that time cotton production touched 320,000 tons and was in plenty.
Apart from 125 textile companies, there were around 72 ginneries. The minister disclosed that it was in order to reverse this trend, that the government came up with the N70 billion cotton and textile revival fund which has now been increased to N100 billion.
This was announced by the Minister at the official launch of "Campaign on Patronage of Made in Nigeria Products" held in Rivers State.
He said that the economy of Nigeria was integrated with the world economy; as such it could not escape the adverse impact of the recessionary trends, whether it be fall in the stock markets, in government revenue, arising from the fall of crude oil prices as well as in manufacturing sector as evidenced in the loss of million of jobs.
He regretted that the textile industry was now only a shadow of itself and pointed out by saying that that the textile industry in its heydays used to employ over 500,000 people and at that time cotton production touched 320,000 tons and was in plenty.
Apart from 125 textile companies, there were around 72 ginneries. The minister disclosed that it was in order to reverse this trend, that the government came up with the N70 billion cotton and textile revival fund which has now been increased to N100 billion.
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