THE Minister of Commerce and Industry, Senator Jubril Martins Kuye has reversed hisÂ earlier position on the bailout fund for textile industry in the country, saying â€œthe N100 billion bailout for the textileÂ sector was not only essential but indispensable to revive the sector.â€
This is against his initialÂ reactionÂ in an interview he granted reporters at the VIP Lounge of the Murtala Muhammed Airport, Lagos, that the current economic condition of the country may not be favourable for disbursement of the fund to operators in the sector.
â€œI have not said that the fund should not be disbursed but that certain measures should be put in place for the disbursement to achieve the objective of government.
In disbursing the fund we must make haste, slowly and put in place measures that will revive the sector,â€ he said.
The Minister noted the urgent need for the textile industry to come back fully on stream to provide employment for thousands of Nigerians.
According to him the challenges such as lack of electricity, high cost of black oil, the need for modern machines and new technology, if effectively addressed will definitely achieve the desired results.
â€œIf these operational conditions are satisfied, the fund will definitely be useful to operators.Â And that is what we should address,â€™ he said.
On his focus for the ministry, he said the ministry would interface with the ministry of finance to ensure that fiscal policies were put in place to facilitate commerce and industrial development.
â€œFiscal measures that will make the environment more conducive for industrialists to operate,â€ he said.
The Minister stressed the need for continuity in governance. He said the former ministerâ€™s Made in Nigeria Campaign would be continued.Â Â Â He said the most meaningful way to develop the economy was to patronise locally made products.