Thursday, 20 August 2015

COMMITTEE RECOMMENDS INJECTION OF $185M INTO NIGERIA TEXTILE INDUSTRY

 
Few days ago, I wrote about the Bank of Industry supporting fashion industry in Nigeria with $5m and now committee set up under the new administration is recommending injection of $185m to revitalize the industry.
People are coming to realized that investing in fashion industry will go along way in eliminating poverty and reducing employment to bearable number. 
Over 23,300 staff who has been laid off in the fashion industry in Ghana was a debate on TV3 network morning show this today and unfortunately the effect of those losing their job is not only on the 23,300 people but other who depend on them for survival.
Read except from Nigeria Tribune    
  • The four national committees on the revitalisation of the agricultural sector in Nigeria recently inaugurated by the Federal Ministry of Agriculture and Rural Development on the directives of President Mohammadu Buhari have submitted their reports, with one of the committees recommending injection of N37.20 billion into the cotton and textile sector.
  • The four committees on the operationalisation of Federal Government Storage and Agro Processing Facilities; Resuscitation of Cotton, Textile and Garments; Strategic Action Plan for the Development of Grazing Reserves and Stock Routes Nationwide and Revitalisation of Agricultural Extension Services in Nigeria, made far-reaching recommendations based on their terms of reference.
  • According to a press release by Mr Tony Ohaeri, Director of Information, Federal Ministry of Agriculture, the committee on the Resuscitation Cotton, Textile and Garments (CTG) called for the injection of N37.20 billion in the sector between 2016 and 2019, as well as the exploitation of the existing N100 billion CTG fund domiciled with the Bank of Industry, which has now been converted to equity.
  • This, the committee said, would support as working capital/retooling of operational textile mills and resuscitation of about 80 closed mills as well as 23 closed ginneries.
  • Source: Nigerian Tribune

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