FG to revive textile industry with N80bn

Kunle Awosiyan, Lagos - 26.03.2008

AS part of its efforts to revamp industrialisation and promote export in the country, the Federal Government has approved N80 billion as cotton/textile revival fund. The Permanent Secretary, Federal Ministry of Commerce and Industry, Mrs. Elisabeth Emuren, disclosed this at the National Council on Commerce and Industry hosted by the Lagos State government in Ikeja on Tuesday.

She said the money was approved to reposition the country’s industrial base and to address the problems of the sector, which had been on the decline over the years.

According to her, the ministry had put in place measures that would strengthen industry related institution base, adding that the concept of industrial clusters had been developed to grow, particularly the small and medium scale enterprises.

He stated that the clusters strategy was designed to operate through incubator, enterprise zones, industrial parks, industrial clusters and free trade zones.

Emuren explained that the future of the clusters strategy was to provide some basic infrastructure that would be commonly shared by all within the cluster.

On the achievements of the ministry in the last 10 months, the permanent secretary said the ministry had focused mainly on agriculture with the aim of exporting 11 farm produce to some designated countries.

According to her, the ministry, in its export drive, has put in place 44 strategies aimed at developing and promoting the export of 11 agricultural commodities; 11 manufactured products and 11 solid mineral products with high export potentials.

“The idea is to focus on 11 countries and regions of the world where there are potentials of market access and take advantage of the opportunities offered by the subsisting bilateral and multilateral agreements that will facilitate the smooth export of Nigerian products into the global market,” she said.