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FG To Revive Textile Companies

The Federal Government planned to use the 20 percent levy on imported textile materials in revitalising dead textile companies, the Minister of Trade and Investment, Dr. Olusegun Aganga said, the minister dropped the hint at a meeting with executives of the Nigerian Textile Manufacturers Association (NTMA) in Abuja on Sunday.

Aganga was responding to an NTMA request that the fund be ploughed back into the industry through the Bank of Industry as loan to textile manufacturers at three percent interest rate.

Speaking earlier, the Director-General of NTMA, Mr. Jaiyeola Olarewaju, said the Federal Government’s textile intervention fund had significantly helped in reviving some of the dead textile companies.

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