Local manufacturers urge FG to relax conditions attached to textile fund

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The Manufacturers Association of Nigeria (MAN) has appealed to the Federal Government to relax the tough conditions attached to disbursement of the Textile Intervention Fund.

Mr Segun Ajayi-Kadri, the Director-General, MAN who made the plea in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday, said that the appeal became necessary due to the bureaucracy and strict conditions surrounding the allocation of the fund, saying that there was need to revitalise the textile industry.

“The textile industry had suffered a lot of bashing, especially as a result of smuggling and other infrastructure deficiencies.

“At the moment, we do not have more than five textile industries working and they are functioning at low capacity.

“The government had responded in terms of policy initiatives; the primary of which is the Textile Fund anchored by the Central Bank of Nigeria.

Ajayi-Kadri said that manufacturers were finding it difficult to benefit from the fund due to some bottlenecks and strict conditions attached to it.

“As a result, we have been in contact and consultations with the CBN on some of these conditions.

“Our appeal is for the Federal Government to step in and make things a lot easier so that the end point of revitalisation is not lost,’’ the director-general said.

Ajayi-Kadri also urged the government to continue its effort at ensuring provision of basic infrastructure to reduce the cost of production by manufacturers.

He suggested inter-ministerial and inter-departmental cooperation for quick actualisation of the proposed anti- smuggling task force to combat smuggling of textiles.

Source NAN

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News Agency of Nigeria (NAN) is a news reporting agency owned and run by the Federal Government of Nigeria just like Nigerian Television Authority.[1] On 10 May 1976 the agency was founded and established by Onitsha noble Onuora Nzekwu who was its first official Managing Director and Chief Editor. On 2 October 1978 its operations began.[2][3] NAN provides General News Service to subscribers in three bulletins published daily. The agency’s website www.nan.ng was launched on 8 August 2016, to offer news to the worldwide audience interested in news primarily about Nigeria, Africa’s most populated country. The current Managing Director of NAN is Bayo Onanuga.

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