BoI, Osun community seal pact on local fabrics production
The Bank of Industry (BoI) has partnered with Iwo community in Osun State to promote the production of local fabrics from cotton.
Indeed, the Bank hopes to sign a Memorandum of Understanding (MOU) with the traditional ruler of Iwo land, Oba Adewale Akanbi, on how to boost local production of fabrics using cotton sourced from local farmers.
The Acting Managing Director of the organisation, Waheed Olagunju during a visit to the palace of the Oluwo of Iwo in Iwo, Osun State explained that the bank seeks to encourage local production of fabrics through a system tagged “from farm to factory” which support vertical and horizontal integration of production chain of local fabrics.
He explained that there would be intervention in cash and comprehensive capacity building at every stage of local fabrics production, starting from sustainable supply of cotton through viable farming method to the stage of weaving, and transformation to finished goods, coupled with production of reliable weaving equipment.
Olagunju disclosed that a foundry company in the town, RABSIHIMEC Nig. Limited would partner with the stakeholders horizontally in the production chain to provide needed weaving equipment which will deepen the values of the industry further in terms of utility impacts on the immediate community and the state at large.
According to him, the level of its independence and ability to produce and meet the domestic demand of its populace measures the strength of any country.
He reiterated the resolve of the bank to specifically enhance production at the grassroots.
Olagunju disclosed that the local content initiative would further be strengthened through the establishment of vocational schools that will provide necessary expertise for the industry and empower the youths greatly.
“This project is labour-intensive; it is a way of entrenching rural industrialization at the grassroot and allow speedy growth in the rural setting, it is indeed the only way the real sector of our economy can grow”, Olagunju noted.
Speaking further on the initiative, the traditional ruler of Iwo town, Oba Adewale Akanbi said the consciousness for local production of modern attires from local materials like cotton became necessary in the face of general taste for foreign textile materials, which is responsible for constant loss of foreign earnings.
Akanbi added that the initiative was tailored towards bringing the sense of local dressing sense back into the youths by using the local fabrics (Ofi) to make array of modern fashion styles like shirt , jacket, suit among others.
The monarch said the local textile industry would promote local content and generate more foreign incomes for the nation, aside high employment opportunities for Iwo town and its environs.
He described the local fabrics(Ofi) as a branded jean, which has good quality and high durability value like the imported materials, and a pride for African nation.
He however said that he has sponsored a bill at the Osun State House of Assembly, which would make local fabrics(Adire) a uniform for pilgrims from the state, the bill according to him has since been passed to law.
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