FG approves low interest funding plan for cotton, textile manufacturers

Olusegun Aganga

Federal government has approved a new funding mechanism that will ensure that cotton, textile and garment companies access long-term, low interest loans to finance their operations.

This is part of the new National cotton, Textile and Garment (CTG) policy aimed at revitalising and boosting the growth and development of the cotton, textile and garment industry.

Minister of Industry, Trade and Investment, Olusegun Aganga, disclosed this during the launch of the National Cotton, Textile and Garment Policy and the inauguration of a 17-member Implementation, Monitoring and Review Committee for the policy, in Abuja.

Aganga said the policy, which was a product of prolonged and comprehensive consultation with all the stakeholders in the industry, was expected to address all bottlenecks inhibiting the growth and development of the industry.

He added that it would improve the quality, quantity, production capacity, marketing and competitiveness of the players across the entire value chain; control the influx of fake and sub-standard textile and garments into Nigeria and improve the competitiveness of CTG across the nation among others.