Bank of Industry to Unlock Funding to Revive CTG Sector, Drive Industrial Growth

James Emejo in Abuja

The federal government has begun a strategic revival of Nigeria’s Cotton, Textile, and Garment (CTG) sector, with the Bank of Industry (BoI) taking concrete steps to unlock targeted funding support to drive the process.
The initiative kicked off on with an inspection tour of key textile sites in Kaduna State by the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh.
The tour formed part of the President Bola Tinubu-led administration’s industrial recovery plan under Agenda 7, which prioritises job creation, inclusive economic growth, and sustainable industrial development.
Speaking during the tour, the bank’s Managing Director/Chief Executive Officer, Dr. Olasupo Olusi, said the economic revitalisation effort of the federal government presents a major opportunity to stimulate job creation, especially in the Cotton, Garments, and Textiles sector.
He said, “This revitalisation is about improving lives across different sectors,” Olusi said. “It holds significant potential for job creation not just within the factories, but across the value chain, including our basic cotton farmers and even in protein production zones.”
He stated that the renewed attention to the CTG sector was a deliberate move to restore economic health and investor confidence in Nigeria’s industrial ecosystem.
He said, “Our goal is to create hope and renew interest in a sector that was once a major employer of labour. It’s a crucial step toward rebuilding the economy.”
Olusi said the Bank of Industry would continue to work with the Ministry of Industry, Trade and Investment and other stakeholders to improve funding access and unlock the sector’s full export potential.
According to him, the government’s plan is not merely about reviving factories but also to build a stronger, sustainable industrial base.
He said, “We see this as more than a factory revival. It’s an economic strategy. It aligns with our broader mission to transform Nigeria’s industrial future with real impact on households and communities.”
However, during the tour of the United Nigeria Textiles Limited (UNTL), the minister described the factory’s revival as a litmus test for broader industrial renewal.
He said the Tinubu administration remained committed to repositioning the CTG industry as a backbone of inclusive growth.
He attributed the decline of UNTL to uncontrolled imports, smuggling, and lack of copyright protection, which allowed substandard products to flood the market.
The minister stressed the potential economic impact if UNTL could be revived, advocating for government intervention to address challenges and obstacles to production.
He highlighted the necessity of labor-intensive industries like manufacturing and agriculture for job creation in a country of 200 million people, arguing that services are important but insufficient for creating jobs on the scale needed for a nation such as Nigeria.
Enoh, who also toured Chellco Industries, one of the few legacy textile manufacturers still operating since 1980, commended the company’s resilience and steady contribution to employment, noting its current workforce of over 290.
The Chairman of UNTL and Emir of Kano, His Royal Highness Sanusi Lamido Sanusi, expressed concern over the closure of the plant in 2022, which he said once employed over 10,000 people across the value chain.
He cited power supply issues, smuggling of foreign textiles, poor procurement support, and dumping as major threats.
He warned that the factory’s collapse has worsened youth unemployment and regional insecurity.
Other stakeholders who spoke at the event said with coordinated support from institutions like BoI, Nigeria’s textile industry could soon experience a long-overdue resurgence.
The resurgence, they noted, will drive jobs, expand exports, and restore Nigeria’s reputation as a leader in African manufacturing.

The post Bank of Industry to Unlock Funding to Revive CTG Sector, Drive Industrial Growth appeared first on THISDAYLIVE.

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    •  We commend your actions to restore peace, Oba tells gov

    Kwara State Governor AbdulRahman AbdulRazaq at the weekend toured communities in Ifelodun to reassure the people of government’s commitment to strengthen public safety and economic activities.

    In Babanla, as in Oke-ode, where he touched down, Governor Abdulrazaq commended the community folks and security forces for standing firm, a statement by the Chief Press Secretary to the Governor, Rafiu Ajakaye, revealed.

    He commiserated with families who lost dear ones, reassuring them of sustained efforts to prevent further security breaches and pledging social safety supports for those affected in the recent incident.

    The governor was received in Babanla by the Oba of Babanla, Oba Aliyu Adegboyega Yusuf Arojojoye ll, and his chiefs.

    On the governor’s entourage were the Commander, 22 Armoured Brigade, Brigadier General Ezra Barkins; Commissioner for Police, Adekimi Ojo; and Senior Special Assistant on Security Muyideen Aliyu. The Chairman of Ifelodun, Hon. Femi Yusuf, also joined the trip to the community. 

    “We are here in Babanla today to commiserate with you over the recent incident. We reassure you and other communities and our people that we will ensure this doesn’t happen again. It is a sad incident which we are working hard to curtail,” the governor said.

    “You can see that the security commanders are also here, and you have seen activities (return to normalcy) over the past one week or two. 

    “It had never happened like this before. Obviously, there has been pressure on those criminal non-state actors in other regions. And that has forced them into this peaceful location. But surely they will be flushed out of this area.”

    AbdulRazaq expressed satisfaction with the return of calmness to the areas, saying: “We will make sure everything is in order and you live in peace.”

    The governor said he has directed the Kwara State Social Investment Programme (KWASSIP) to extend support to the affected persons. 

    Oba Aliyu appreciated the governor for the visit, and commended him and the Federal Government for their efforts to restore normalcy in the community and environs.

    He said the attack in Babanla resulted in snatching of nine motorcycles, food items, and phones.

    “I wish to thank Your Excellency profoundly for this on-the-spot assessment of the aftermath of the events. We especially appreciate Your Excellency for all the actions to guarantee peace and security of the state in general and this community in particular,” the monarch said.

    He appealed to the government to consider putting the massive land in Babanla into use for economic benefits.

    “It is our strong belief that putting these wide expanses of land into use will not only boost the economy of the state and provide massive employment, but also help flush out and deny the criminals of any hiding places,” the monarch said.

    The post AbdulRazaq Visits Babanla, Other Communities As New Security Deployments Boost Public Safety appeared first on THISDAYLIVE.

    ​  

    •  We commend your actions to restore peace, Oba tells gov Kwara State Governor AbdulRahman AbdulRazaq at the weekend toured communities in Ifelodun to reassure the people of government’s commitment
    The post AbdulRazaq Visits Babanla, Other Communities As New Security Deployments Boost Public Safety appeared first on THISDAYLIVE.

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