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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 experience in the global financial markets.


Sanwo-Olu Orders Full Reopening of Markets




Governor of Lagos State Orders Full Reopening of All Markets

Governor Sanwo-Olu of Lagos has ordered the full reopening of markets in the state after a report showed new cases of COVID-19 have subsided.

The governor ordered the full reopening of both the food markets and non-food markets across the metropolis.

Dr. Wale Ahmed, the Commissioner for Local Government and Community Affairs, disclosed this in a statement issued on Tuesday.

He said the governor took the decision to further deepen trade and commerce and ease the hardship of recent happenings.

It should be recalled that the markets were shut due to the outbreak of ravaging COVID-19 pandemic in March before they were partially reopened for activities in May.

The governor, however, urged all traders to observe all safety protocols in order to prevent a possible resurgence of COVID-19 in the state.

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Private Sector Coalition Against COVID-19 (CACOVID) Speaks on Looted Palliatives, Explains Delay



looted palliatives

Looted Palliatives: Private Sector Coalition Against COVID-19 (CACOVID) Speaks

Private Sector Coalition Against COVID-19 (CACOVID) has spoken on the recent actions of criminals and thugs who hijacked the #EndSARS protest and looted warehouses where COVID-19 palliatives were kept for distributions.

The group refuted claims that the stolen items were hoarded for certain people instead of distribution to the vulnerable they were meant for. This is despite the fact that some of the palliatives were already rotten by the time criminals broke into the warehouses.

Some of the looters, who spoke with the press, said a sizeable number of the items were already rotten and destroyed by rodents, while one of the lawmakers tasked with distribution claimed he planned to distribute the items on his birthday. A statement that angered many Nigerians.

However, in a statement issued on behalf of the group by Osita Nwanisobi, the Acting Director of Corporate Communications, CBN, on Monday, CACOVID said due to the huge size of the items meant to be distributed, the complex process involved in manufacturing, packaging and the eventual distribution to 2 million most vulnerable families across the 774 local government in the country, the group agreed to conduct the supply in stages, especially given locked down imposed by the Federal Government during the period.

The statement reads, “Members of the Private Sector-led Coalition Against COVID-19 (CACOVID) wish to call for calm, amidst the looting of COVID-19 palliatives meant for distribution in various State Government warehouses across the country.

“The Coalition is deeply concerned by the recent events and is urging those involved in the wanton destruction of public and private property to immediately desist from these raids, in order to allow the States to proceed with a peaceful and fair distribution of these palliatives to the neediest and most vulnerable in our society.

“Over the past few months, the private sector, through CACOVID has been working with governors, the FCT Minister, and the Nigerian Governors’ Forum (NGF) to procure, deliver, and distribute these food relief items to almost 2 million most vulnerable families (over 10 million Nigerians) across the 774 local government areas of the country, as part of the private sector’s support towards the national response to the COVID-19 pandemic.

“The sheer scale of this nationwide food programme and the timing of the orders and deliveries, which coincided with the lockdowns and reduced movement across the country, compelled CACOVID to roll out distribution in a staggered manner.

“The very large size of the order and the production cycle required to meet the demand caused delays in delivering the food items to the states in an expeditious manner; hence, the resultant delay in delivery of the food palliatives by the state governors.”

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Makinde Directs Schools to Reopen After #EndSARS Protest




Schools to Reopen After #EndSARS Protest, Says Governor Makinde

The Executive Governor of Oyo State, Seyi Makinde, has directed schools across the Ibadan metropolis to resume normal activities immediately after the #EndSARS protest.

Mr Olasunkanmi Olaleye, the commissioner for education, Oyo State, disclosed this in a statement issued on Sunday in Ibadan.

According to Olaleye, the directive was after a careful review of the situation in the Ibadan metropolis as promised by Governor Makinde in a state broadcast on October 20.

This was after the governor ordered the closure of all schools, private and public, in the Ibadan metropolis for three days and promised to review the situation on October 23.

Olaleye said the governor thanks the youths who have been cooperating with security operatives in the state to ensure peace and order.

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