CBN earmarks $158.6M to revive textile industry

Image result for textile industry nigeriaThe Acting Managing Director, Bank of Industry, Waheed Olagunju, says the Central Bank of Nigeria has introduced a $158.6M intervention facility to revive the Cotton, Textile and Garment sector.

Olagunju said that the $158.6 million intervention funds was to facilitate takeover of the existing debts and to provide additional long term loans and working capital to existing companies in the Cotton, Textile and Garment sector.

The BoI managing director said that the CBN intervention fund was meant to re-finance the current debts of manufacturing sector and make available additional working capital for the sector.

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