Home Business Textile industry: CBN approves N50b revival fund

Textile industry: CBN approves N50b revival fund

by Kunle Awosiyan

The Central Bank of Nigeria (CBN) has announced 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 on tuesday. It was signed by CBN Director, Financial Policy and Regulation Department, Kelvin Amugo.

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