Former lawmaker, Senator Shehu Sani has raised an eyebrow on the decision of the Central Bank of Nigeria (CBN) to pump N100 billion into the textile industry.
It has been reported that the CBN has plans to inject N100 billion into the textile industry to revive the sector.
Reacting to this, the former lawmaker pointed out that the apex bank should be cautious with this plan, as it has been tried in the past but eventually failed as a result of epileptic power supply.
See his tweet below:
The CBN reportedly wants to pump in N100Billion ‘to revive the Textiles Industries’.This is an idea that has been tried in the past and ended up as a waste because of the decadent state of the power sector.Modern Textiles Industries can’t be run on a generator.
— Senator Shehu Sani (@ShehuSani) November 8, 2019