Following the five year-tax holiday granted textile companies in Nigeria, the nation's textile industry would generate over one million jobs when fully revived, the Managing Director of the Nigeria Export-Import Bank, Alhaji Baba Yusuf has said.

Yusuf also disclosed recently, that textile industries in the country would be able to access the Federal Government N70 billion textile revival funds within five weeks, adding that a full-fledged textile revival department has been established in the bank to ensure a successful revival of the sector.
NEXIM Bank boss also assured that not a single kobo would be diverted from the fund, which will be provided by the UBA.

Alhaji Yusuf stated these when he paid a courtesy visit to Governor Namadi Sambo, at the Sir Kashim Ibrahim Government House, Kaduna. He argued that government was doing everything, including the supply of all the needed commodities to ensure the resuscitation of the moribund textile industry in the country.

Said he: "In 2006 Federal Government mandated First Bank and NEXIM Bank to provide the N70 billion textile revival funds, however, under the new arrangement UBA will provide the fund in the form of commercial loan with five years repayment period with single digit interest rate.
"Seven weeks ago, we entered into an agreement with UBA to access the fund within 12 weeks so that the textile companies will be able to obtain the fund within five weeks. NEXIM has carried out an appraisal of the benefiting textile industries to ensure effective funding of the revival. We will visit all parts of the country ahead of the disbursement of the fund.

"Federal Government has granted textile companies five year tax waivers to enable them settle down and produce profitably. We expect that when operational the textile industry will generate over 1 million jobs in the country. Government has also approved gas supply at good rates to the textile companies as well as guarantee supply of black oil to the textile companies," he said.

The NEXIM Bank boss further said that government was prepared to revive not only the textile industry but also agriculture and other vital industries in order to revive the parlous economy.
Governor Sambo in his address on the occasion said President Umaru Yar'Adua has approved the supply of black oil to textile industries and was making efforts to generate more megawatt of electricity for the use of the industries alone.

"President Yar'Adua has approved the supply of black oil to textile industries. 30 megawatt of electricity generated from Gurara Waterfalls has been approved for industries in Kaduna, while Nigeria National Petroleum Corporation (NNPC) will augment that with 14 megawatt.
"Federal Government has also approved new gas pipeline from Ajaokuta to Abuja to Kaduna to Kano to provide gas power for our industries. While a 900-megawatt gas powered plant will be established in Kaduna.

Meanwhile, the National Union of Textile Garment and Tailoring Workers of Nigeria has cautioned the Federal Government against the uncritical commitment to the implementation of the Common External Tariff of between zero to 20 per cent for the member-states of the Economic Community of West African States.
The NUTGTWN also urged the Federal Government and the Central Bank of Nigeria to rescind the decision to increase Monetary Policy Rate from 9.5 to ten per cent.

The union stated these in a 14-page communiqué issued at the end of its National Delegates' Conference held in Abuja but made available to newsmen in Kaduna on Sunday.
The union in the communiqué which was jointly signed by its President, Reginald Agulanna and Secretary General, Issa Aremu, respectively, warned that the wholesale commitment and implementation by the Federal Government of the CET for the ECOWAS member-states could destroy the nation's already decimated industrial base.

According to it, Nigeria being the only industrial powerhouse in West Africa, the "wholesale lowering of tariff within the sub-region will only lead to dumping from other import-ridden nations."
The NUTGTWN therefore stressed the need to re-invent national pride, re-orient Nigerians, promote national values, rekindle interest and patronage of made-in-Nigeria goods.

It also called on the Standard Organisation of Nigeria to rise up to the challenges of ensuring that all fake and sub-standard textile materials were denied access into the nation's markets in order to ensure a level playing field for domestic producers, adding that government should play its part at all times in creating an enabling atmosphere for productive enterprises.

The union commended the initiative of the government on the N70 billion textile revival fund but expressed fears that the disbursement of the fund could be hijacked by trades, importers and other "parasitic anti-industry elements."