Speaking at an International Conference on Nigeria's Textile Industry in Lagos, the Minister of State for Commerce and Industry, Mr. Humphrey Abah, said the Nigeria's Federal Government is planning to launch a revival fund to save the country's shrinking textile industry, which aims to inject $57 billion growth to the economy, according to Minister of State for Commerce and Industry Humphrey Abah.
Abah said that the fund will be launched by mid-November to the textile industry which is comprised of the cotton farming, cotton ginning, yarn spinning, weaving of fabrics and finally the clothing manufacturing sector.
The Bank of Industry will be taking the helm in arranging most of the funds for the scheme and only competitive and viable enterprises, including electricity generator, would be able to access it and would be available to the beneficiaries at a single digit rate of interest.
