The Bank of Industry (BoI)
has signed a Memorandum of Understanding (MoU) with Iwo community in Osun toward boosting local production of fabrics using cotton sourced from local farmers.
The Acting Managing Director of the Bank, Mr Waheed Olagunju, and the traditional ruler of Iwo land, Oba Adewale Akanbi, sealed the deal on Saturday at the monarch palace, Iwo.
Olagunju explained that the bank initiated the agreement to encourage local production of fabrics through a system tagged, “from farm to factory.”
He said the production pattern would support vertical and horizontal integration of production value chain of local fabrics.
Olagunju explained that there would be intervention in cash and comprehensive capacity building in every stage of the local fabrics production.
He said that this would start from sustainable supply of cotton through viable farming method to the stage of weaving.
The acting managing director disclosed that a foundry company in the town, RABSIHIMEC Nig. Ltd., would be partnered to provide the needed weaving equipment.
He said that the equipment would deepen the values of the industry further in terms of utility impacts.
According to him, the strength of any country is measured by the level of its independence, and ability to produce and meet the domestic consumption of its populace.
He reiterated the resolve of the bank to specifically enhance production at the grassroots.
Olagunju disclosed that the local content initiative would further be strengthened through the establishment of vocational schools that will provide necessary expertise for the industry and empower the youths.
“This project is labour-intensive; it is a way of entrenching rural industrialisation at the grassroots and allow speedy growth in the rural setting.
“It is indeed the only way the real sector of our economy can grow,” Olagunju noted.
The Iwo traditional ruler in his remarks lauded the initiative and commitment of the bank.
Akanbi said the consciousness for local production of modern attires from local materials like cotton became necessary in the face of general taste for foreign textile materials.
He added that the initiative was tailored towards bringing the sense of local dressing back into the youths by using the local fabrics (Ofi) to make array of modern fashion styles.
The monarch said the local textile industry would promote local content and generate more foreign incomes for the nation, aside high employment opportunities for Iwo town and its environs.
He described the local fabrics (Ofi) as a branded jean, which has good quality and high durability value like the imported materials, and a pride for African nation.
The monarch, however, said that he has sponsored a bill at the Osun State House of Assembly, which would make local fabrics (Adire) a uniform for pilgrims from the state.
The bill according to him has since been passed and awaiting assent.