Made-In-Nigeria: FG Earmarks N51bn To Boost Garment Industry
Aisha Abubakar, Minister of State for Industry, Trade and Investment[/caption]
As part of its effort to support ‘Made in Nigeria’ clothing, the Federal Government has allocated N51 billion ($162.034 million) in this year’s budget to boost the capacity of the country’s garment industry.
In her statement at the opening session of a workshop organised by the Bank of Industry (BoI) for garment operators in Abuja, the Minister of state for industry, trade and investment, Aisha Abubakar, said that the current administration was committed to getting it right with the garment industry.
“The ministry has allotted over N51bn in the 2017 budget just to promote our garment industry, because we know it is an area where we have to get it right. And so, out of the six special economic zones, three will be for textiles,” Abubakar said.
Advertisement
There have been deliberate efforts in recent times geared towards supporting Made in Nigeria products, with special attention given to ‘made-in-Aba’ products.
It would be recalled that local manufacturers from Aba, the SME capital of Nigeria, had the opportunity to display their works at the 2016 Tony Elumelu Entrepreneurship Forum in Lagos.
Meanwhile the acting managing director of the Bank of Industry, Waheed Olagunju, in his remark at the event said that the BOI had earmarked N1 billion ($3.177 million) to grant loans to business owners in the country’s textile industry.
Olagunju further urged to the business owners to seize the opportunity to draw from the loans which is put at 9% interest rate and payable in three to five years.
