Manufacturers urge CBN to release N50bn textile intervention fund

Daily Nigerian

The president of Nigerian Textile Manufacturers Association, NTMA, Grace Adereti, on Tuesday urged the Central Bank of Nigeria, CBN, to release the pending N50 billion intervention fund to Cotton, Textile and Garment manufacturers in order to grow the sector.

Ms Adereti made the appeal in an interview on Tuesday in Lagos, saying the release of the funds would stimulate the nation’s economy.

Last year, the apex bank floated a N50 billion intervention fund as working capital, debt takeover and long-term loan to the Cotton, Textile and Garment, CTG, value chain.

Ms Adereti said the fund is vital to the continued existence and relevance of the industry to the nation’s economic growth.

“We have about 46 companies that applied for the fund but only 11 of them have been able to access it.

“When we contacted CBN officials, we were told that they had been busy working on other things and will get back to the funds later.

“The delay in accessing the funds is hindering our production and impinging upon our expansion and growth.

“That is why we are appealing to the bank to release the fund and aid our growth,” she added.