;
Home / Knowledge / News / Textiles / Nigerian bank to boost local fabric production
Nigerian bank to boost local fabric production
23
Jun '16
As part of efforts to revive Nigeria's ailing textile sector, the country's Bank of Industry (BoI) has signed a memorandum of Understanding (MoU) with the Iwo community in the Osun state for boosting production of local cotton fabrics sourced from local farmers.

The bank initiated the agreement to encourage local production of fabrics through a system tagged, “from farm to factory,” said the Acting Managing Director of the Bank, Waheed Olagunju, adding that the bank would support vertical and horizontal integration of production value chain of local fabrics.

The MoU was signed by Olagunju on behalf of the bank and the traditional ruler of Iwo land, Oba Adewale Akanbi.

Olagunju assured that the bank would not only help with cash but also enable comprehensive capacity building at every stage of the local fabrics production starting from sustainable supply of cotton through viable farming methods as also in the weaving stages.

Reiterating the bank's commitment to specifically enhance production at the grassroots, the bank official said a local private company, Rabsihimec Nig. Ltd., had been roped in to provide the needed weaving equipment. The local content initiative would further be strengthened through the establishment of vocational schools that will provide necessary expertise for the industry and empower the youths.

“This project is labour-intensive; it is a way of entrenching rural industrialisation at the grassroots and allow speedy growth in the rural setting. It is indeed the only way the real sector of our economy can grow,” Olagunju said.

Iwo traditional ruler Adewale Akanbi lauded the initiative and commitment of the bank. He emphasised that local production of modern attires from local cotton fabrics (Ofi and Adire) had become necessary in the face growing interest in foreign textile materials.

He added that the initiative was tailored towards bringing the sense of local dressing back into the youth by using the local fabrics (Ofi) to make array of modern fashion styles. The initiative was aimed not only aimed at promoting local fabrics but generating job opportunities and foreign exchange.

Describing pants made from local fabric (Ofi) “as good as a branded jean, which has good quality and high durability value like imported materials, and a pride for African nation”, Akanbi said the Adire fabric was suitable for making security uniforms.

He also said moves were afoot to pass a bill in the Osun state assembly that would make it compulsory for pilgrims from the state going on Haj to wear dresses made of Adire fabric. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Global Fashion Agenda

Apparel/Garments | On 23rd Jan 2019

Global Fashion Agenda releases CEO Agenda 2019

Highlighting the urgency of combating climate change, non-profit...

USTR aims for more balanced trade in US-EU trade talks

Textiles | On 23rd Jan 2019

USTR aims for more balanced trade in US-EU trade talks

In negotiations for a trade agreement with the European Union (EU),...

Courtesy: Ayotunde Oguntoyinbo/SMART

Textiles | On 23rd Jan 2019

EU lacks sufficiently stringent regulations: SMART

Despite the European Union (EU) having a wide range of...

Interviews View All

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Top executives, Textile industry

Top executives
Textile industry

Textile institutes need to change their curriculum

Victor Chao, Esmetex

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search