The Central Bank of Nigeria, CBN has pledged to bail out the ailing textile and garment industry by granting credit facility as well as fight against smuggling of its products with the collaboration with other government agencies.
The Governor of CBN, Godwin Emefiele gave assurance of the apex bank’s commitment to reviving the industry during the meeting with Cotton, Textile and Garment industry, CTG in Lagos.
According to him “The Federal Government under the leadership of President Muhammadu Buhari has stated its readiness to revive the ailing industry in order to create employment and the CBN is also willing to bail out the operators, not only in credit facility but also in other areas like tackling smuggling, creating enabling environment etc.
“We are going to provide cheap long term fund with single digit lending rate and continue our complimentary efforts to addressing other key infrastructure,” Emefiele said.
He said that “Finance is not the major obstacles to this sector but smuggling. There are many other challenges but with our collective collaboration this meeting will immediately resolve these issues”
He lamented the demise of many industries in view of the fact that the sub sector that once employed over one million hard working Nigerians is now almost dominated by imports from Asia.
According to him, “Between 1970 and 1980s, textile industries were spread across the country, with many mills located in Kaduna, Lagos, Funtua, Gusau, Asaba, Aba, Kano and host of other cities.
“There were well over 150 vibrant textile mills operating at close to full production capacities and this sector accounted for well over a million direct and indirect jobs, second only to the government as an employer of labour but now the story is different.”
He frowned at the abandoned and dilapidated structures of these textile companies spread across the country, saying “CTG …Read More
Source:: New Mail
