Textile companies in Kaduna State remain grounded because the state government fails to implement the recommendation for the Cotton and Textile Garment (CTG) scheme.
Speaking at the Kaduna regional vocational skills competition organised by the bank, in partnership with the National Board for Technical Education (NBTE), the Executive Director of Small and Medium Enterprises of the bank, Waheed Olagunju, said the bank disbursed 60% of the N100 billion facility to industries.
He, however, lamented that other parts of the recommendation including how to increase production, address smuggling and lack of lubricants were not looked into.
He said: “CTG scheme, if you remember, was launched around 2010 under the late President Umar Ya’ardua and it was N100 billion naira facility. We disbursed about 60 per cent of the facility to industries in that sector in Nigeria before it was converted to equity.
“You will agree with me that funding is only one of the factors of production, there are other things that go with running successful industrial enterprise, the bank made money available but other recommendations were not implemented. If other recommendations were implemented along side the funding, it would have led to the revival of that sector. Other challenges that need to be looked into include smuggling, lubricants and others.”
He pointed out that if the industries have not done well, it was because the recommendations were not implemented.
