52 Textile Companies Reopens After 10 Years, 25000 New Jobs Created

About 25,000 jobs have been created in the last few months through the Textile and Garment Intervention Fund, the General Manager, Operation, Bank of Industry (BoI) Joseph Babatunde has said.
He told The Nation that about 52 textile firms that were closed for many years have been revived through the grants, adding that these firms were able to meet the bank’s requirements to access the facility.
He said the revival scheme has started yielding results as it has revived some other jobs that were lost as a result of the closure. “So far, 52 firms have benefited from the fund and this has gone a long way in revitalising some of the textile firms that had closed down,” he said.

Babatunde said over 60 per cent of the N100billion Textile Revival Fund being managed by the bank has been disbursed, raising the hope that the once vibrant sector will soon bounce back.
He said the scope of the fund has also been extended to cover manufacturing in the sector, including garments, cotton production, spinning, processing and printing, adding that the fund has also sustained some textile businesses which otherwise would have been closed by now.
On how the funds could be accessed by operators, he said: “You don’t need insider connection. The entrepreneur should have a well-packaged bankable proposal before seeking funding from the bank. The bank insists on collateral for big loans because the money is not free. It belongs to Nigerians. And if you don’t pay back, we will use the collateral to recover the loan.”
He said the industry is bouncing back, adding that Nigeria, like other African countries, is facing challenges of infrastructure deficit.
“By the time we address the challenges of infrastructure such as power and transportation, you will see the rate at which we will be moving.
“The railways have started, and government is also addressing power, so in a no distance future, we will start seeing the Small and Medium Enterprises (SMEs) fully back in place and moving.
“Majority of the SMEs face challenges in their quest to secure loans for their businesses because many of them approach the bank not equipped with the necessary information required to enable them secure the loans while others do not know the mandate and limit of the bank,” he said.