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FIRST BANK: TOWARDS REVIVING NIGERIA’S TEXTILE INDUSTRY
For many years, until the early 1980s, the Nigerian textile industry was the highest employer of labour, after the public sector. Sadly, the industry is in dire straits battling for survival in recent times.
Among the challenges that confronted the sector were policy inconsistency leading to closure of many textile companies occasioned by poor power supply, smuggling, poor access to finance and high operating cost, among others.
It is unarguable that the closure of many textile companies contributed to the rise in the country’s high unemployment rate, rising insecurity and other social vices.
It is against this backdrop that the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, recently lamented the country’s descent from being a textile giant to a mediocre player in the world economy.
Emefiele said Nigeria used to be home to Africa’s largest textile industry in the 1970s and early 1980s with the employment of over 450,000 people.
“The textile industry at that time was the largest employer of labour in Nigeria after the public sector, contributing over 25 per cent of the workforce in the manufacturing sector.
“The industry was supported by the production of cotton by 600,000 local farmers across 30 of Nigeria’s 36 states.
“This sector supported the clothing needs of the Nigerian populace, as our markets were filled with locally produced textiles from companies such as the United Textiles in Kaduna, Supertex Limited, Afprint, Texlon, Enpee and Aswani Mills, among others.
“In addition, the cotton growing sector has gone dead, thereby depriving thousands of smallholder farmers the chance to earn a living.
Furthermore, a large proportion of our clothing materials today are imported from China and countries in Europe,” Emeifele stated.
It is against this background that First Bank of Nigeria Ltd, in line with its celebratory 125th anniversary , themed, “Woven into the Fabric of Society”, on Oct. 2 commemorated the country’s independence with a locally made textile attire.
Specifically, the bank set aside Oct. 2 to have all staff wear a locally made textile attire adorned in its 125 anniversary logo and over 18,000 staff across the bank and FBN Holdings participated.
The bank in a statement attributed the initiative to moves to celebrate the country’s 59th Independence anniversary and at the same time support the textile industry.
“The native attire fashion statement by FirstBank and the FBN Holdings Group is rooted in our trust in the diverse opportunities the textile industry provides.
“And indeed its contribution to national growth and development, vis-à-vis the job opportunities, youth and women empowerment, as well as the entrepreneurship driven influence its creates cannot be overemphasised.
“The bank is indeed honored to have been woven into the Fabric of Society in the last 125 years and is committed to keep promoting activities and opportunities that contribute to the growth of the textile industry.” it added.
Apart from the above intitative, FirstBank also provide access to market and provide opportunities for entrepreneurs in the Small Medium Scale Enterprise (SMEs) of the fashion industry with an initiative tagged Fashion Souk.
The bank partners with Eventful Nigeria Ltd with Fashion Souk, a platform that creates an opportunity for players in the fashion industry to exhibit and sell their wares to the thousands of event participants.
The bank also in a bid to ensure sustainability of the industry recently introduced fashion design loan specifically designed to offer financial support to the participants in the textile industry.
The bank’s fashion design loan with a single obligor limit of up to two million naira is targeted at tailors, dressmakers and traders in clothing accessories with no tangible collateral required.
To be eligible for the loan, applicants must have been in line of business for a minimum of three years.
Commenting on the development, Mr Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), described the initiative as a wonderful concept.
“I hope those in the local textiles value chain will key into it and take advantage of this initiative.
“FirstBank should also ensure that the concept is properly communicated to the larger audience to ensure more patronage of locally made textile,” Igbrude said.
He noted that the Federal Government on its part should encourage institutions that are supporting our local industries by way tax incentives.
Also speaking, Mr Shehu Mikail, National President, Constance Shareholders Association of Nigeria, commended the bank’s support for local fabric and the textile industry.
Mikail said that the initiative would boost the morale of interested bodies who would like to venture into local fabric in promoting our culture to the world.
He said that the bank should focus on the fashion designers who would be ready to promote Nigerian mode of dressing to meet the world class in fashion design.
“This will help in promoting Made in Nigeria fabric and it will also encourage an interested investor to venture into textile industry business and this will tranform our economy,” Mikail stated. (NAN)
Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.
Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.
Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference
This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.
Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.
Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”
Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.
Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com
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