The Central Bank of Nigeria (CBN) has announced $131.5 million (N50 billion) special mechanism funds to revive the ailing textiles industry.
The funds to be administered by the Bank of industry (BoI) at 4.5 per cent interest rate will use any of the CBN-approved non-interest financing instruments for refinancing of projects, long- term financing for acquisition of plant and machinery and working capital for the beneficiaries.
A statement containing the guidelines for the revival pill, tagged “Central Bank of Nigeria Non-Interest Guidelines for Intervention in the Textile Sector”, was released yesterday. It was signed by CBN Director, Financial Policy and Regulation Department, Kelvin Amugo. The apex bank said the funds would be used to resuscitate the ailing textile sector, restructure facilities and provide further facilities for textile firms with genuine need for intervention…
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