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CBN to revive Nigerian textile industry

YarnsandFibers News Bureau 2015-10-28 12:08:00 – Nigeria

In order to improve the economy of the country, the Central Bank of Nigeria (CBN) has proposed to provide financial help to textile industries in Nigeria.

Recently, a meeting with garment and textile makers was held by Godwin Emefiele, CBN governor, in Abuja.

He discussed on how to solve the issues which are hindering textile production and provide assistance in such issues.

He stated that garment and textile manufacturing industries create employment and contribute to the country's economy and therefore must be provided proper assistance to function properly.

Godwin focused on aiding small and medium scale producers by providing loans from banks so that they could carry on with full production without having to worry about short tenure and suspension.

Also, the industrialists who are still operating at minimal scale would be provided assistance to access more finance from the banks.

The commitment of the Central Bank of Nigeria (CBN) to support the textile industry operations would give a boost to the Nigerian economy eventually.

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