Nigeria’s Vice President, Mohammed Namadi Sambo has commended the operators of the textile industries in Nigeria for effective application and prudent utilization of the Cotton Textile and Garment (CTG) fund for reviving the ailing textile industries in the country.
Namadi Sambo made the remark when he received some textile chief executives led by Walid Jibril, a Senator who paid him a courtesy visit in his office at the State House, Abuja.
He said, ‘Government has keen interest in the growth of the textile industries due to its capacity to employ large number of people, create wealth and improve the economy.’ While expressing delight in the reduction of unemployment rate, he noted that employment opportunities have increased over the years after a previous sharp decline.
The Vice President in his reaction to the presentations made at the occasion, noted that the challenges facing the industry have been tackled by government through efforts to generate adequate power to meet the demands of the manufacturing sector; adding that there have been other efforts such as revitalizing the transportation sector in terms of rail lines rehabilitation and construction, roads rehabilitation and construction, dredging of waterways and the development of deep sea ports to facilitate port activities.
Namadi Sambo recalled the request of the textile industry for government assistance in securing textile loans with long tenure and assured them that government would link them to financial institutions which will assist them. He tasked the textile executives to find ways of producing cheaper and competitive goods without compromising quality; stressing that such ingenuity will help in curbing smuggling.
Earlier in their presentations, the textile executives said the gains so far derived from the CTG fund comprise – arresting unemployment, boosting the income of the Nigerian cotton farmers, revival of closed textile mills, modernization of equipment and textile mills to improve quality and efficiency, diversification of product mix to expand technical textiles, increase in foreign exchange earnings through non-oil exports and the promotion and branding of made in Nigeria textiles through retailing, amongst others.
Since the disbursement of the loans, they added, there has been increase in the number of active textile mills from 25 active mills in 2009 to 32 mills in 2012. According to them, this has also stabilized 24,000 job opportunities. The textile executives called on the Nigerian Government to help them in securing long-term loans to address some known challenges towards expanding their production capacity.
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