Business

‘CBN’s N50bn Intervention Facility To Promote Textile Sector’

Published

10 years ago

October 17, 2016

The Acting Managing Di
rector, of Bank of Industry, Mr Waheed Olagunju, says CBN has introduced a N50 billion intervention facility to revive the Cotton, Textile and Garment (CTG) sector.
Olagunju said this at the cotton, textile and garment stakeholders’ forum on Thursday in Abuja.
He said that the N50 billion intervention fund was to facilitate takeover of the existing debts and to provide additional long term loans and working capital to existing companies in the CTG sector.
“The bank has to date approved loans of over N50 billion comprising debt takeover, term loan and working capital to 40 beneficiaries across the value chain in line with the CBN guideline on the fund.
“A total of N13.37 billion released by CBN has been disbursed to the various beneficiaries as at September 30, 2016.
“I hope that this forum will focus more on proffering pragmatic solutions to the challenges facing the CTG sector.
“It will also foster mutually beneficial relationship, networking and knowledge sharing among stakeholders on the current and future trends in the cotton value chain not only in Nigeria but around the world,’’ Olagunju said.
The BoI managing director said that the CBN intervention fund was meant to re-finance the current debts of manufacturing sector and make available additional working capital for the sector.
“It is meant to provide additional funds to kick start operation and keep operation going and most importantly to retain the staff they have and possibly employ more.
“We need more and more intervention, as we all know the economy is officially in recession and in recessionary times like this, there is need for interventions to help the private sector to overcome the challenges.
He said in 2009, the Federal Government approved and authorised the Debt Management Office to issue a long-term bond for the N100 billion to BOI at a coupon rate of five per cent for on-lending to business under CTG.
Olagunju said that the bank also approved loans to 70 projects valued at about N60 billion under the cotton value chain.
“The Federal Government, in October 2013, magnanimously converted the loan to equity, which assisted the bank to restructure the loans by tenor elongation and reduced the interest rate further to four per cent,’’ he said.
Olagunju said that the dwindling fortunes of the textile industry started in the 80s as the industry began to struggle with high production cost, taxes and poor infrastructure, especially poor power supply.
He said that the situation deteriorated in 1997 when the government lifted the ban on importation of textiles against stiff but unsuccessful resistance from industry operators.
The BoI chief explained that consequently the market got flooded with imported textile goods as a result of the suspension of the ban.
He said that this led to decline in sales, retrenchment of workforce in the industry and ultimately to the shutdown of many local textile factories.
The Minister of State for Trade and Investment, Hajia Aisha Abubakar, said the Federal Government was making efforts to transform the cotton, textile and garment sector by 2018.
Abubakar said that the Cross River garment factory had the capacity to employ over 3,000 workers per shift, adding that government would do everything possible to create employment for its youths.
“I want to assure you that we are working out something to move the industry forward; by 2018 there will be change in the CTG sector.
“We are the answers to our problem; be the change you are looking for. We need to come out with plans to ensure change is seen.’’

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

1 day ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

1 day ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

7 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.