FG earmarks N500b lifeline for manufacturing sector
The vice president,
Namadi Sambo, has disclosed that the federal government has earmarked
N500 billion lifeline for the manufacturing sector to reactivate ailing
industries.
Mr. Sambo announced
this at the weekend in Kaduna while on a visit to the state. He said
that the lifeline was part of the administration’s efforts to speed up
the country’s economic development and create employment opportunities
for the youth and women.
The vice president
said that the funds would soon be released to manufacturers, adding,
however, that N40 billion, out of the N100 billion-textile revival
fund, had been disbursed.
Mr. Sambo also said
that 25 rail locomotives had been imported, adding that the locomotives
would soon commence operations, as part of efforts to revive rail
transportation in the country.
He said that the
federal government would soon award the contract for the rehabilitation
of the Kaduna-Abuja and Lagos-Ibadan fast train services.
He said that the efforts were aimed at revamping the transport system and facilitating movement of goods across the country.
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