BY NAOMI UZOR

STAKEHOLDERS in the Cotton, Textile and Garment Sub-Sector of the economy have called on the federal government to jerk up the textile intervention fund for the sector to N500 billion.  They say that the N100 billion currently being disbursed through the Bank of Industry was not sufficient to reviatlise the sector.

This is even as the Minister of Trade and Investment, Mr. Olusegun Aganga, has said that about 8,070 jobs have been saved through the disbursement of the N100bn Cotton Textile Garment Intervention Fund.

“We are happy with the provision of the N100bn CTG Intervention Fund by the Federal Government. So far, 38 companies have benefitted from the Fund, and this has gone a long way in revitalising some of the textile firms that had closed down.

“However, we want the government to increase the fund from the current  N100bn to N500bn to enable more textile companies have access to cheap fund in order to boost their capacity utilisation. The government should also elongate the tenure of the fund and also make it possible for textile companies to access it at a zero interest rate,” said Mr. Issa Aremu, General Secretary, National Union of Textile Garment and Tailoring Workers of Nigeria, confirmed that 38 textile firms had so far benefitted from the Fund.

Speaking during the Stakeholders Retreat on the Cotton, Textile and Garment Sub-Sector of the Nigerian Industrial Revolution Plan in Abuja, during the week, Aremu said that there was a need for the Federal Government to increase the CTG Fund and make it easier for textile firms to access it at zero interest rate.

The minister said that the stakeholders’ retreat was necessary because of the importance of a revitalised CTG sub-sector in the efforts towards achieving sustainable and inclusive economic growth and development.

”This is the beginning of an important journey. We want to make this sector number one in Africa. It is just not just about talking. We will come up with actionable points here to kick-start the needed revolution.”