Chief Achike Udenwa, Commerce and Industry Minister expressed keen determination of the administration for the revival of industrial sector especially the textile industry that has be worst affected.
He said this at official launch of Campaign Patronage of Made in- Nigeria Products held at River state. According to him, Nigeria, International community member, cannot be isolated from the severe consequences of the economic crisis going around the world. Consequences like this are visible openly in the stock market along with government revenue that are arising from fall of prices of crude oil and in the manufacturing sector. This is evidenced from millions of job losses going around.
He added that the Ministry took strategic initiative through the campaign with the aim of boosting up industrial production with the view of reviving industries, hence creating grounds for millions of jobs and wealth maximization for the growing population. As per the minister, this measure could counter most of the negativity of globalization and economic crisis going on in the manufacturing sector.
Udenwa also added that economy’s most vibrant sector that is the textile industry had been employing more than 500,000 people single time. According to him cotton earlier was available in abundance within the country with the capacity of 320,000 metric tons annual production or 111,000 metric tons lint and more than 125 companies operating in textile market along with 72 ginneries. In a sense of dissatisfaction, he expressed that nowadays the sector is only reflecting its shadow. Due to loss of massive jobs, level of poverty is rising along with rising gap between the poor and rich communities, he added further.
With the view of reversing the trend, the government took up the initiative by offering revival fund of N70 billion for textiles and cotton which has now been raised up to N100 billion, administered and sourced by BOI, Bank of Industry.
He addressed all associated authorities with an appeal for assisting the ministry in successful implementation of the initiative.