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FM plans to raise N50bn for textile industry
Textiles
FM plans to raise N50bn for textile industry
29 Jul '06
1 min read
Federal Government has formed a 10-member committee chaired by the Finance Minister, Nenadi Usman to alleviate country's ailing textile industry.
Government is examining the sources to raise N50 billion fund to rehabilitate the industry.
This committee has been formed following the recommendations of President Olusegun Obasanjo.
Obasanjo explained that textile industry needed fund to develop and refurbish the industry.
He agreed with the idea of raising N50 billion as it would help manufacturers to acquire advanced technology and necessary equipments.
Out of 175 textile companies in Nigeria, only 24 were operating at full capacity and hence, more than 200,000 jobs have been laid off.
More Textiles News - Nigeria...
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