Government issues N50bn grant to revive textile industry
15 Nov '06
1 min read
In order to restore Nigeria's textile sector, federal Government has issued grant of N50 billion, which is being considered by producers as a good strategy.
Government has formed a committee to make the policy fruitful, which has been directed to arrange funds and utilize them for renovating Nigeria's textile industry by providing soft loans with at most 9 percent interest rate to manufacturers and factory owners. Finance Minister Mrs Nenadi Usman is in-charge of this committee.
Industrialists belonging to manufacturing sub-sector are expecting the move to rebuild the weary textile sector and they consider it as a plus point for revival of country's economy by stopping feasible industries from collapsing.
But they alerted that embezzlement of funds will crush hopes of renovating the textile industry, so committee must keep a watch on them.
Government has a responsibility of ascertaining that funds are kept away from swindlers. Producers should not resort to unfair practices which can trounce the purpose of these funds.
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