\nThe Punch, Nigeria
\nBy Agency Reporter
\nThe Nigeria Labour Congress has urged the Federal Government to ensure the quick release of the N70bn Textile Industry intervention fund latest by next month.
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\nThe NLC in a statement signed by Assistant Secretary, Information, Mr. Joel Odigie said the textiles sector held the key to employment creation in Nigeria.<\/p>\n
\u201cWe have argued over the years, the textile sector is capable of providing thousands of decent jobs, which will be a big boost to employment creation and poverty reduction.<\/p>\n
\u201cEvidently, the textile industry had been the largest employer of labour second only to government.<\/p>\n
\u201cCongress calls on Government to without delay ensure that the money is released promptly. We recall however that bureaucratic encumbrances and faint political will have led to undue delay of the fund for a considerable length of time, which the industry could ill afford.\u201d<\/p>\n
The NLC said the attempt to resuscitate the textile industry and by extension the real sector of the economy was commendable and was a pointer that government has begun to show renewed and necessary commitment to salvage the Nigerian economy and intervene to protect it from the vagaries of globalisation and the current global financial meltdown.<\/p>\n
Besides financing, the textile industry intervention should also look at critical production challenges of making Black Oil and diesel available at cheaper and competitive prices.<\/p>\n
He also said Congress wishes to restate that indeed what is good for the textile industry is good for the entire manufacturing sector. Government must commit to the vision of reviving the various industrial cities in the country that were once centres of local production, mass employment, wealth creation and evidence of our hope and ability to attain industrialization. Recent developments like the continuous closures of manufacturing factories in the country with its attendant job and revenue losses are ominous signs that portend danger for the health of our economy and development aspirations.<\/p>\n
It said the present scenario where imported goods, most through smuggling constitute over 80 per cent of local consumption leaves local companies in dire straits and further exacerbates the rapid de-industrialization of the Nigerian economy.<\/p>\n
The NLC said Government must begin a timely, coordinated and concerted approach to intervene in the real sector and infant local industries with a view to insulate them from the vagaries of crass and unfair competition by foreign goods and companies.<\/p>\n
This, it stressed could be achieved in part by the immediate review of the present abysmally high lending regime that is not investment-friendly.<\/p>\n
\u201cFurthermore, we are quick to caution Government on its plans to increase taxes for local manufacturers as currently being bandied by the FIRS. Besides external competition, weak border management, decaying infrastructures and epileptic power generation should aside rhetoric be tackled as matters of national priorities.<\/p>\n
On the present global financial and economic meltdown, Congress urges government and its economic and financial managers to be more pro-active in intervening to stem the spiraling downturn in our national economic fortunes.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Punch, Nigeria By Agency Reporter The Nigeria Labour Congress has urged the Federal Government to ensure the quick release of the N70bn Textile Industry intervention fund latest by next month.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\n