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FG to Strengthen Textile, Garment Sector as BoI Approves N50bn Loans



  • FG to Strengthen Textile, Garment Sector as BoI Approves N50bn Loans

The Minister of State for Industry, Trade and Investment, Hajia Aisha Abubakar has reiterated the federal government’s determination to revive the cotton, textile and garment (CTG) sector of the economy to attract the patronage it deserves from Nigerians.

Speaking in Abuja at the opening of the CTG Stakeholders’ Forum, the minister said issues pertaining to disruption in gas supply to this sector were being addressed.

She expressed dissatisfaction over the shutdown of textile industries over the past years over policy inconsistencies, and lack of infrastructure among others and called for a workable plan that would ensure that stakeholders are held accountable for developments in that sector.

The minister added that the answers to most of the problems bedeviling the sector lied with the stakeholders.

“We are the answers to our problem,” she said, adding that the wanton destruction of gas pipelines must be discouraged.

Meanwhile, her assurances for the revival of the textile industry came as it was disclosed that the sum of N50billion comprising debt takeover, term loans and working capital to 40 beneficiaries across the CTG value chain in line with the Central Bank of Nigeria (CBN)’s directive on the intervention fund.

The acting Managing Director/Chief Executive, BoI, Mr. Waheed Olajunju also said a total of N13.37billion of the CBN facility had been disbursed to beneficiaries in the CTG sector as at September 30.

Nevertheless, he said the forum was organised to explore more pragmatic solutions to the challenges facing the sector and foster mutually beneficial relationships, networking and knowledge sharing among stakeholders on current and future trends in the cotton value chain in Nigeria and around the world.

Part of the avenues being explored to boost productivity of the sector was to influence government policy direction to mandate all paramilitary and school uniforms to be sourced and sown within the country to boost patronage and increase business activities in the sector. This is expected to lead to massive employment opportunities going forward.

Stakeholders had particularly complained that they were unable to increase capacity utilisation amid huge stock of unsold inventories in their warehouses.

Olagunju said the forum was mainly to attempt to address issues of local patronage of textile products as part of BoI’s support services to the CTG sector.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market.

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Lai Mohammed Says Buhari Has Recovered Over N800bn in Looted Funds



President Muhammadu Buhari

Buhari Has Recovered Over N800bn in Looted Funds

President Muhammadu Buhari government has recovered over N800 billion looted by corrupt Nigerians since the beginning of this administration in 2015.

Alhaji Lai Mohammed, the Minister of Information and Culture, disclosed this on Tuesday at a press conference held in Abuja.

He said, “This administration’s fight against corruption is as strong as ever, and we have the records to back up this claim.

“This administration has recorded over 1,400 convictions, including high profile ones, and recovered funds in excess of N800bn, not to talk of forfeiture of ill-gotten properties.”

President Muhammadu Buhari has made recovery of Nigeria’s stolen assets one of his priorities since he became president in 2015.

Several of Nigeria’s untouchables have been convicted despite political experts and social commentators saying the war against corruption should not be only against opposition but also against those in the ruling party that seems to have been overlooked.

Still, the ruling party has insisted that members of the party have been convicted and one of such is Kalu.

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President Buhari Names Railway Stations After Tinubu, Jonathan, Fashola, Others




Buhari Names Railway Stations After Prominent Nigerians

President Muhammadu Buhari on Monday named railway stations after Tinubu, Jonathan and other prominent Nigerians.

In a statement released through the Ministry of Transportation and signed by Eric Ojiekwe, Director, Press and Public Relations of the Ministry, the Minister of Transportation, Rotimi Amaechi, disclosed that the deserving citizens have contributed to the progress and development of their respective communities and the nation at large.

According to the statement, for the Lagos-Ibadan with extension to the Lagos Port Complex at Apapa railway station, the beneficiaries are:

Bola Ahmed Tinubu (Apapa station)

Mobolaji Johnson (Ebute Metta Station)

Babatunde Raji Fashola (Agege station),

Lateef Jakande (Agbado station) and

Prof. Yemi Osinbajo (Kajola station).

Others are Funmilayo Ransome-Kuti (Papalanto station)

Prof. Wole Soyinka (Abeokuta station),

Aremo Segun Osoba(Olodo station)

Chief Ladoka Akintola (Omio-Adio station)

Chief Obafemi Awolowo (Ibadan station)

and Chief Alex Ekwueme (Operation Control Centre)

For the Itakpe-Ajaokuta/Aladja-Warri Railway, the names are:

Alhaji Adamu Attah (Itakpe station)

Dr. Olushola Saraki (Ajaokuta station)

Admiral Augustus Aikhomu (Itogbo station)

Brigadier General George Innih (Agenebode station)

Anthony Eromosele Enahoro (Uromi station)

Chief Tom Ikimi (Ekehen station) and

Brig. Gen. Samuel Osaigbovo Ogbemudia (rtd) (Igbanke station)

Others according to the statement include:

Goodluck Ebele Jonathan (Agbor Station Complex)

Brigadier General David Ejoor (Abraka station)

Micheal Ibru (Opara station)

Alfred Rewane (Ujevwu station) and

Vice Admiral Mike Akhigbe (Railway Village, Agbor).

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President Muhammadu Buhari Arrives Bamako, Mali on Thursday



Buhari arrives Bamako, Mali

President Buhari Arrives Bamako, Mali for ECOWAS Peace Mission

President Muhammadu Buhari has arrived Bamako, Mali on Thursday following the briefing received from the former President Goodluck Ebele Jonathan led ECOWAS Special Envoy to the country.

On Wednesday the presidency had tweeted that “President @MBuhari will Thursday depart for Bamako, the Republic of Mali on a one-day visit, following the briefing by the ECOWAS Special Envoy to the country, former President @GEJonathan.”

On Thursday, the presidency said President Buhari has arrived Bamako, Mali.

“President @MBuhari in Bamako, Republic of Mali, today, on a one-day visit. He’s meeting with fellow ECOWAS leaders led by President Mahamadou Issoufou of Niger Republic for consultations towards finding a lasting solution to the political crisis in Mali. ”

“President @MBuhari is in Bamako, Mali today, on an ECOWAS Peace Mission. #PMBinMali”

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