An investment of over 160 000 million dollars has been allocated in this year’s budget by the Nigerian Government for the development of the country’s garment and textile industry. The Nigerian government’s efforts aim to expand the garment and textile sector to stimulate job creation, diversify its economy, and to increase the use of ‘Made in Nigeria’ clothing in the global market.
The minister of state for industry, trade and investment in Nigeria, Aisha Abubakar said at the opening session of a workshop organised by the Bank of Industry (BoI) for garment operators in Abuja that the government understands the importance of the garment sector in creating jobs and reducing poverty. She added that the government was working hard to support the industry through massive investment in infrastructure, which would help bring down the price of cotton, further stimulating economic growth.
Waheed Olagunju, acting managing director of BoI, said the bank has set up a fund for the textile sector. Loans are given out from this fund at nine per cent interest rate and are payable between three to five years, with a moratorium period of six to 12 months. This has given much needed hope for the ‘Made in Nigeria’ label to find its place in both the local and international market.