The Governor, Central Bank of Nigeria, Mr.
Godwin Emefiele, on Friday disclosed that the
central bank was planning a fresh bailout for
the textile industry in order to revive it to
become a major employer of labour.
He said the planned intervention fund would
come in a single-digit interest rate and long-
tenured loans to players in the sector
particularly those in the cotton, textile and
garment segments.
Emefiele stated this at a CBN-initiated
stakeholders meeting with players in the
industry.
The governor said the objective of the meeting
was to see how the CBN could revive the
textile industry and place it on the path of
sustainable growth for the country.
He said, “A sub-sector that once employed
over one million hardworking Nigerians is now
almost completely dominated by imports from
Asia. We are all aware of the challenges that
have beset and continue to plague the
industry and I am under no illusion that this
meeting will immediately resolve these issues.
“The central bank under my leadership is
prescribing to work with the industry to come
up with holistic solutions for the long-term
sustainable development of the sector. I can
assure you that the bank is ready to provide
funding under our Real Sector Support Facility
for the industry.
“Mr. President is committed to the
rejuvenation and revival of this sector and he
is desirous of bringing this industry back to
life.”
He added, “This in my humble opinion is the
crux of this meeting, which I will like us to
keenly deliberate upon. How for instance, can
we get cotton farmers to increase their output,
reducing dependency on imports? Or how can
all stakeholders form a strong advocacy to
create a more enabling environment for the
sector to thrive once again? I am confident
that with our collective efforts, we can finally
change the sad narratives about this industry.
The CBN governor, however, stressed that the
problems that had stunted the growth of the
textile industry was far beyond funding.
As a way of solving some of the problems
facing the sector, Emefiele said he had
recently met with the Comptroller General of
the Nigeria Customs Service, as part of the
efforts to tackle smuggling of textile goods.
He said it was disheartening that an industry
that literally touched the fabric of the entire
country now pales in the shadow of its past
success.
Emefiele pointed out that the human needs for
clothing and the competitive advantage of the
country had made the sector a formidable one
in the country’s path to industrialisation in
the 1970s and 1980s.
During this era, he noted that the textile
industries were spread across the country,
with many mills located in Kaduna, Lagos,
Funtua, Gusau, Asaba, Aba, Kano and a host
of other cities.
He explained, “There were well over 159
vibrant textile mills operating at close to full
production capacities. Indeed, Kaduna was
known as the ‘Textile City’ of the country,
because of the preponderance of huge
integrated textile mills domiciled in the city.
Unfortunately, these glory days are now
distant memories.” http://www.punchng.com/news/cbn-to-provide-fresh-bailout-for-textile-industry/

Good step by cbn abi na cnn

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So long its going to reduce the number of people out there who are still searching every nooks and crannies looking for where they will get paid I am going to throw my weight behind this.

We hope it works

Another good development.

Such loans should be monitored by CBN to ensure they're used for what is meant for.

What was Jonathan doing in the last 5 years?

Way to go. It is high time we kick those china men out.

I do not support this idea at all,it will turn out to be another conduit pipe used for syphoning funds.The other day this present regime lifted ban on imported textiles and hence the custom were made to free textiles worth billions of Naira seized in Kano. This government has failed to get its policy direction right and applying sentiment in economic decision making,has always proven to be detrimental.
Moreover,the textile industries are only part of the many industries that folded up in Nigeria and are begging to be revived,there shld be a concerted effort to bail out the comatose industries with potentials to sustainability.
I personally wld suggest that those industries with government stake,must be fully privatise before any form of bailout,our money is safer in private hands,just like what happened with the banks.So that we will know who to hold responsible when recovering the loan.Government has no busy running industries,lets give incentives to private investors,including tax holidays and some form of bailout,so as to encourage them to come in and run these industries and then our youths will find sustainable employment.

Good news