UNIDO & BoI collaborate to develop textile sector

25 Feb '10

2 min read

Citizens of Nigeria are yet looking forward towards the United Nations Industrial Development Organization (UNIDO) and Bank of Industry (BOI) plans for financing and development of the country's palm oil, rice and textile sectors.

A Memorandum of Understanding (MoU) has been recently signed by the two organizations for studying the sectors and providing assistance for growth of the clusters in respect of the three agricultural products.

Even though, the sum involved was not revealed, the projects will be offered technical assistance by UNIDO as chain value agency, whereas distribution of the funds will be monitored by BOI. UNIDO besides, assisting a study concerning the textile sector also met the stakeholders in the sector and lend an ear to their grievances and aspirations.

In similar disposition, Mr. Mohammed Alkate, General Manager of BOI, stated that they have collaborated with UNIDO and the bank has been authorized to bestow funds and shell out the same to industrialists.

He stated that the attributes of the projects involved are vital for country's development and industrial progress and held it to be the cause for BOI's profound involvement. He also divulged that disbursement of the textile revival funds for industry will commence shortly.

Mustapha Bello, Executive Secretary of NIPC appreciated BOI and UNIDO for development of rice and textile sectors besides providing technical support. Nonetheless, he displayed the Council's willingness to provide necessary support required for making the project successful.

Fibre2fashion News Desk - India

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