Business Bank Of Industry Half Way in Distribution of CTG Intervention Funds

The Executive Director of the Bank of Industry (BOI) , Mr. Waheed Olagunju while delivering a lecture at the 3rd Annual Seminar for Trade and Investment Correspondents and Editors in Abuja says the bank has disbursed 60 per cent of the Federal Government’s N100-billion Cotton, Textile and Garment (CTG) Intervention Fund.

The CTG fund, domiciled in the BOI, was set aside by the government as loans for entrepreneurs in the cotton, textile and garment industry.

He also mentioned that the N700 billion pool funds for the country’s industrialisation, which was domiciled in the bank, was insufficient to finance the nation’s industrial needs.

He said that BOI was expanding its search for domestic debt market financing to support small businesses in Nigeria to start, grow and mature into big corporations.

He urged the Federal Government to build industrial parks, provide more avenues to empower local entrepreneurs and also to intensify efforts to curb smuggling and importation of foreign textile materials in order not to stifle the growth of local textile industries.
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