FG Approves N500bn Bail-Out For Manufacturing Sector

Vice-President Namadi Sambo says the Federal Government has earmarked N500 billion lifeline for the manufacturing sector to reactivate ailing industries.

Sambo announced this last Saturday in Kaduna, while inaugurating the Jonathan-Sambo 2011 North West Zonal Campaign Office.

He said that the lifeline was part of the administration’s efforts to fast-track the country’s economic development and create employment opportunities for the youths and women.

The Vice-President said that the funds would soon be released to manufacturers, adding, however, that N40 billion, out of the N100 billion-textile revival fund, had been disbursed.

Sambo said that 25 rail locomotives had been imported, adding that the locomotives would soon commence operations as part of efforts to revive rail transportation in the country.

He also said that the Federal Government would soon award the contract for the rehabilitation of the Kaduna-Abuja and Lagos-Ibadan fast train services.

He said that the efforts were aimed at revamping the transport system and facilitating movement of goods across the country.

Besides, Sambo said that the dredging of River Niger would soon be completed to extend shipping activities to the Northern parts of the country.

The Vice-President also pledged the administration’s determination to generate adequate electricity in the country for manufacturers and other users.

He said that a 200 MW power plant would be constructed in Kaduna.

On education, Sambo said that Federal Government had drawn up a plan to assist state and local governments by providing adequate support for primary and secondary education.

Speaking, Gov. Patrick Yakowa of Kaduna State said that his government had recorded some achievements in the implementation of its 11-point development agenda that laid particular emphasis on education.

He pledged that the people of Kaduna State would support the Jonathan-Sambo candidacy in the 2011 elections to promote good governance and the country’s economic development.

Yakowa urged the citizens to support President Goodluck Jonathan in his efforts to speed up the country’s infrastructural and human capital development.