BOI, NASSI initiate scheme to boost fashion industry

Recognising the potential huge revenue to the nation’s economy, the Bank of Industry (BOI) has earmarked N1b loan for the growth of the fashion Industry in the country. Ondo State manager of the bank, Mr. James Barde, disclosed this at the sensitisation seminar themed: “The latest Technology in the Fashion Industry and Funding,” organised by the Nigeria Association of Small Scale Industrialists (NASSI) in Akure, the state capital. He said with the fund, a right environment and encouragement would be opened up for the sector for more possibilities.

Said he: “You can come to us, if you need fund to expand your business. The least we can give is N5m, while the maximum is N30m, as we are trying to encourage local producers.”

He explained that women in the fashion industry were the targets of the seminar and that no nation can have real development without improvement in women’s economic and financial status.

In his address, Chairman of NASSI, Ondo State Chapter, Comrade Akintunde Greatsheyi told participants that fashion industry, aside being revenue-generating, has the capacity to create more job opportunities for unemployed Nigerians.

His words: “In Ondo State, latest technology in fashion industry is at very low ebb. It is at 30 per cent. There is room for us to improve, which is why we are here today. Nigeria is competing globally and innovation is the key and technology remains the foundation of any economy.”

Greatsheyi said there are evidences that technology has the potential to transform Nigeria, saying investing in latest technology would improve productivity and growth in the nation.

The State Commissioner for Commerce and Industry, Chief Ayo Abiola, advised participants to make use of the “best practice” method to achieve their aims and objectives. He advised other stakeholders to emulate the bank’s initiative by putting in place policy framework that would support the strategic needs of the fashion industry.