The Ministry of Agriculture and Rural Development, FMARD, has
estimated that the country needed N37.2 billion to revive the nation’s
textile industry.
President Muhammadu Buhari had directed the ministry to look into the
resuscitation of the CTG industry in fulfillment of some of his
campaign promises, following which it set up a committee for the
assignment.
Part of the committee’s recommendations submitted to the Ministry on
Wednesday, indicated that the revival of the moribund industry would
require the injection of N37.2billion in the sector between the period
of 2016-2019 as well as the exploitation of the N100 billion CTG fund
domiciled with the Bank of Industry.
The Committee pointed out that the proposed fund would support as
working capital of operational textile mills and resuscitation of about
80 closed mills as well as 23 closed ginneries.
The fund would also support all sections of the cotton, textile and
garment sector. The Committee Chairman, Engr Damilola Eniayeju, who
disclosed this while submitting its report and recommendations on the
resuscitation of the CTG industry, said that the Committee proposed that
fiscal incentives should be given to the sector rather than financial
resources.
The committee recommended that deliberate effort should be employed
by both federal and state government to promote local fabrics.
They recommended that Nigeria can promote local fabrics through
uniforms for defense, schools and private sectors to enable the country
have sense of belonging like what is being done in the rice sector and
make textile sector boom.
He identified some of the challenge confronting the industry to
including smuggling and dumping of foreign textile materials from Asian
country, lack of electricity supply, poor access to water among others.
This he said has led to the reduction in the number of textile industry
from 182 in the 80s to 34 industries that is now running.
The committee also called for financial support from the National
Biotechnology Development Agency (NABDA) to enable it deploy
Biotechnology Cotton (BT COTTON) at confined fields at trial level while
the Institute for Agricultural Research (IAR) introgress BT protein in
existing varieties as well as produce haploid cotton.
It also further recommended that on seed cotton marketing,
Agriculture Ministry, Ministry of Trade and Investment should work
closely to establish the Cotton Corporation of Nigeria to revive cotton
production and competitiveness.
Foodfarmnewstv
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