ABUJA – The new National Cotton, Textile and Garment Policy is aimed at revitalising and boosting the growth and development of the cotton, textile and garment industry.
As part of the policy, the government has approved a new funding mechanism so as to ensure that cotton, textile and garment firms access long-term, low interest loans to finance their operations. Minister of Industry, Trade and Investment Olusegun Aganga disclosed this during the launch of the National Cotton, Textile and Garment Policy and the inauguration of a 17-member Implementation, Monitoring and Review Committee for the CTG Policy.
“In 2010, the federal government introduced a N100billion Cotton, Textile and Garment Revival Fund, managed by the Bank of Industry to reverse the ugly trend of progressive collapse of the textile industry. The BOI in conjunction with the United Nations Industrial Development Organization (UNIDO) has appraised the performance of the fund, indicating that a substantial portion of it has been successfully disbursed,” he said.
He added that it would improve the quality, quantity, production capacity, marketing and competitiveness of the players across the entire value chain; control the influx of fake and sub-standard textile and garments into Nigeria; and improve the competitiveness of CTG across the nation, among others.
