NIGERIA: Finance minister inaugurates presidential committee to revive textile firms

ABUJA: The Minister of Finance, Mrs. Nenadi Usman has inaugurated the Presidential Committee to give new lease of life to the Textile Industry; sources said here on July 26.

Speaking at the inauguration, Mrs. Nenadi Usman said the Committee has the mandate to source for the sum of N50 billion to enable the textile industry come back to life.

She said the money will advanced to textile operators as loans, to assist in replacing obsolete machinery and equipment as well as provide more employment opportunities for Nigeria. 

The Minister of Finance, Mrs. Nenadi Usman has assured that and was told about the Cotton and Textile Industry problem, he became worried and directed that a similar committee like the one on Agriculture Financing, be set up.  The Committee is to source funds to finance the Textile Industry.

The President felt that we could do something to help the Textile Industry by sourcing a fund where they can source for loans on concessionary basis to rehabilitate their machinery.

She further said the loan would enable the textile industry manufacture durable, quality products that compete in the international market.

She said the setting up of the Committee was at the instance of the President who was worried about the comatose state of the Textile Industry.

She said that the President Olusegun Obasanjo had earlier visited Kaduna during a function on cotton production and as fallout of that visit, judging from what he saw.

Mrs. Usman further explained that the textile sector was selected because it is the largest employer of labour adding that the revival of textile industry is a sure way of creating more jobs.

She solicited for the advice of the public so as to make the work of the Committee Successful.

In his own remarks, the Vice President of the Manufactures Association of Nigeria, Senator Jibril Walid commended the President for setting up the Committee and hoped that the loan would help arrest job losses in the Textile Industry.

The 10-member Presidential Panel which is headed by the Finance Minister has, as members, the Minister of Agriculture and Rural Development, the Minister of Industry, Governor of Central Bank of Nigeria, Special Adviser on Manufacturing and Private Sector, to the President, and the Managing Director of Nigeria Export-Import Bank.

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Added: July 27, 2006 Source: Agencies
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