In a bid to resurrect the waning textile industry of Nigeria, the federal Government has finally come up with an enthusing strategy.
The Government has started providing textile units with financial aid from a 50 billion naira fund raised with the joint efforts of the local banks. Loan will be provided to the needy industries at a single digit rate to enable them to invest in significant areas and compete with foreign firms.
More than 300 companies have expressed interest in availing the funds from the federal Government.
Some of the most undeniable factors leading to the near break down of the textile industry are the unrestricted inflow of cheap foreign textile materials, unsound working conditions and insufficiency in funds for executing expansion plans. So much so that, United Textiles Mill, the only existing textile industry in Northern Nigeria also lost steam and decided shut down recently.
At present, the country's textile sector engages only a small number of less 60,000 workers. It is therefore expected that funding the industry would help generate employment opportunities for the citizens of Nigeria.
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