Nigeria sets up special fund to support textile industry development

According to a report by Nigeria’s “Business Daily” on January 21, the Nigerian government approved the establishment of a new special fund for cotton, textile and clothing manufacturing to provide low-interest loan support to enterprises, hoping that this move can revive and further promote Nigeria’s cotton spinning. The development of the garment manufacturing industry will expand local production capacity, improve product quality and corporate competitiveness, and effectively resist the flow of counterfeit and inferior products into the Nigerian market. It is reported that the Nigerian government established a 100 billion naira cotton textile and garment industry development fund in 2010, and some companies have benefited. Based on past experience, this fund has introduced new support and management mechanisms, including further lowering loan interest rates, extending loan terms and new supporting policy support. One of the supporting policy measures is that cotton clothing products purchased by the Nigerian army, various military agencies and government agencies must be made locally in Nigeria.