BoI pays out ₦56.48b from CTG Revival Fund

Not less than ₦56.48 billion has been disbursed by the Bank of Industry (BoI) out of a total of ₦100 billion mapped out by the Federal Government as Cotton, Textiles and Garmenting Revival Fund to-date.

In a forum with manufacturers in Lagos, the Managing Director, BoI, Ms Evelyn Oputu, represented by Mohammed Alkali, Executive Director, Operations, Presenting a paper, ‘Bridging the Gap between Manufacturing and the Bank of Industry’, said the amount was used to fund 70 projects and a total of two million jobs have been created through BoI’s various interventions, saying that they hope to double it by the end of this year

Giving a breakdown, she said that textiles industry was funded with the largest chunk totaling ₦38.66 billion, which was used to support 30 projects, while cotton/ginning followed with ₦10.62 billion, used as support fund for 14 projects. A total of 25 companies in garmenting sector were funded with ₦3.703 billion, while support and logistics gulped the remaining ₦3.5 billion.