Textile industries are spreading across the Federation of Nigeria. Nigeria’s textile industry is the third largest in Africa, next only to Egypt and South Africa. The Government of the country is very eager to promote its garment and textile industry, so that it has allocated N51 billion ($162.034 million) in this year’s budget for development of the sector. The budget allocation to promote the garment and textile sector will create jobs, diversify its economy, and will boost the use of ‘Made in Nigeria’ clothing.
“The ministry has allotted over N51bn in the 2017 budget just to promote our garment industry, because we know it is an area where we have to get it right. And so, out of the six special economic zones, three will be for textiles,” recently said Aisha Abubakar, minister of state for industry, trade and investment, according to Nigeria’s media.
The minister also said that the government understands the importance of the garment sector in creating jobs and reducing poverty. The government was working hard to support the industry through massive investment in infrastructure, which would help bring down the price of cotton.
Already the bank has set up a N1 billion ($3.177 million) fund for the textile sector for giving loans out from this fund at nine per cent interest rate. It could be paid between three to five years, with a suspension period of six to 12 months.
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