Nigeria’s Bank of Industry (BoI) has announced that about N56.48 billion of the N100 billion Cotton, Textiles and Garmenting (CTG) Revival Fund allocated by the Federal Government has been distributed till date.
This was disclosed by BoI Managing Director, Evelyn Oputu said while speaking at a forum in Lagos on ‘bridging the gap between manufacturing and the Bank of Industry’.
The scope of the fund extends to cover all manufacturing activities, including garments, in addition to cotton production, spinning, processing and printing.
Giving analysis of the disbursement, Ms. Oputu said, the funds have been disbursed to fund 70 projects, which include N38.66 billion extended to 30 textile projects, N10.62 billion to 14 cotton/ginning projects, N3.703 billion to 25 garment sector projects and also N3.5 billion for funding support and logistics activities.
Represented by Executive Director Operations Mohammed Alkali, Ms. Oputu highlighted that various initiatives by BoI has resulted in creation of around two million job opportunities, and they expect to double this figure by end of the current year.
She said the BoI support has enabled the industries to boost their efficiency and competitiveness and grow their capacity utilization to 60 percent from 30 percent in 2009, when the fund was launched.
The fund has also helped in saving 8,070 jobs, creation of 2,197 new jobs and reinstatement of 1,275 laid off workers, while ensuring better pay and welfare facilities to workers, Ms. Oputu said.
About the N236 billion earmarked for refinancing and restructuring SMEs and the manufacturing sector, she said BoI has distributed N232 billion to over 550 beneficiaries across all key sectors of the economy, again including cotton, textile and garment sectors.
Good availability of cotton affords Nigerian textile and apparel sector with strong growth potential, while the growth potentials of these sectors are also bright with a wide domestic market and also extended access to other markets, particularly the US, under the African Growth and Opportunity Act (AGOA).
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