The CBN in collaboration with the Federal Government of Nigeria and some selected state governments constituted the Textile Revival Implementation Committee (TRIC) to revamp and revive the CTG Sub-sector.

The Stakeholders in the CTG value chain include the Nigerian Cotton Association, Cotton Farmers, Ginning and Textile Companies, Nigerian Textile Manufacturers Association, Bank of Industry, potential customers’/end users of textile products.

CBN has deployed a financing initiative that will utilize a vertically integrated approach, to harness the synergies of all participants across the value chain, from farm to customer. This would be achieved through Guarantee of Off-takers across the value chain to ensure seamless implementation of the value chain initiative.

Eligibility Criteria

Cotton, Textile and Garmenting Companies shall meet the following criteria to be eligible:

  • Any company in the value chain with an existing facility in the books of BOI under the Cotton, Textile and Garment (CTG) scheme (emphasis will be on facilities that are indicating weakness arising from tenor, structure as well as facing cash flow difficulties)
  • Any company in the value chain with existing facilities in DMBs
  • Companies in the value chain that are not participating under any of the CBN Interventions
  • Loans booked before June 2009 (inception of the BOI CTG Loan) shall not be eligible to participate

Initial Documentation Required

Each request must be accompanied with the following documents:

  • Application from prospective companies seeking to access new loans from BOI
  • Three (3) years financials including the latest management account of the obligor
  • CRMS report
  • 12 months bank account statements
  • A detailed feasibility study/business plan of the underlying project for which the loan is being sought
  • Certificate of Incorporation
  • Evidence of proposed employment generation by the company
  • And any other documents which may be required during the course of appraisal

Loan Documentation Required

Customers are required to open an account with the Bank of Industry before application can commence. The documents needed for an account to be opened are listed below. A customer identification number will be created at the end of the account opening process.

An account can be opened by completing an account opening form and submitting all the required documents:


  • Schedule of the shareholders signed by the company secretary. (Shareholders Register) for new customers and a confirmation of earlier submission for returning customers
  • Full Incorporation Documents:
    • Photocopy of Certificate of Incorporation
    • Certified true copy of Memorandum and Articles of Association
    • Forms CAC 2.5 (Allotment of Shares)
    • CAC 2.3 (Particulars of Directors)
    • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company (i.e., photocopy of International Passport/Driver’s License and National Identity Card) and BVN of the Executive Directors. (**note that ID of all Directors are needed for compliance and credit search)

The loan application process will begin after the account is opened. A loan application form is required to be completed and all required documents submitted and verified:


  • Formal Loan Application on Letterhead
  • Duly completed Loan Application Form
  • Feasibility Study Report on the project to be financed stating write-up on technology and manufacturing process(s), etc.
  • Quotation/Proforma Invoice for the supply of items of Machinery and Equipment. Sources and quotations for Raw Materials expressed in quantity and amount
  • Security: Bank Guarantee, a letter of intent for Bank Guarantee (with Risk Management being part of the authorized signatories) of the commercial bank issuing the guarantee. Any exception should be supported with the Bank’s approval limits OR
    • Legal Mortgage
    • Photocopy of the title document(s) to the property being pledged e.g Statutory Certificate of Occupancy/Deed of Assignment/Conveyance/Deed of sublease
    • Valuation Report on the Property Proposed as Security from BOI’s accredited value
    • Lease agreement, if operating from a rented premises
  • A copy of the draft Technical, Management, Machinery Supply and/or Joint Venture Agreement (where applicable)
  • Three years’ Audited Financial Accounts and most recent Management Account from a BOI accredited auditors (for an existing business) OR Statement of Affairs (for business less than one (1) year)
  • Company’s Bank Statement for a period of one (1) year
    • The output of the process is the offer letter
    • Two options are proposed for this stage as shown below
  • Regulatory approvals e.g NAFDAC certificate, Mining Lease
  • Declaration of Outstanding Liabilities to other Institutions and/or Individual

If a loan a loan is approved, the next and that last part of the process is disbursement. Before disbursement can begin, the documents below must be submitted:


To be provided by the customer:

  • Submission of Letter of Offer duly endorsed by a Director and Company Secretary or two (2) Directors
  • Letter of acceptance of Offer and Letter showing specimen signature of the authorized signatory
  • Board Resolution authorizing borrowing
  • Return of duly executed Loan Agreement
  • Evidence of payment of fees (if applicable – appraisal, commitment and legal fees)
  • Letter of Attestation
  • Original proforma invoice(s) for the approved item
  • Four (4) Passport photographs of the Chief Promoter and a Director
  • Evidence of filing of Annual Returns, as well as tax clearance certificate -TCC- for the Company, the Chief Promoter and Directors of the Company. Evidence of payment (eTCC) should be accepted for deferral
  • Submission of Bank Guarantee or title documents/other legal documents e.g. Statutory Certificate of Occupancy of the pledged property, ground rent receipts etc.
  • Letter of undertaking to pay interest during moratorium

Click to view or download checklist


  • Single Obligor Limit: Maximum of ₦2 billion for a single obligor in respect of new facilities (long term loans for acquisition of plant and machinery and working capital) and for takeovers
  • Tenor: Maximum of 10 years and or working capital facility of one year with provision for a maximum roll over of 3 years on case-by-case basis
  • Moratorium: Maximum of 2 years in the loan repayment schedule including moratorium on interest, where applicable
  • Pricing/Charges: Interest Rate: 9% p.a. payable on a monthly or quarterly basis
  • Security: Legal Mortgage or Mortgage Debenture (with concessionary Fixed Asset Coverage for companies in that sector for of not less than 1.5). / FGN Bonds, T-bills (evidence of availability of such for appraisal purpose). / Bank Guarantee (a letter of intent for Bank Guarantee from the Head Office of the Commercial Bank issuing the guarantee for the appraisal purpose.)
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