A N70-billion intervention fund has been approved by Nigeria's federal government to revive the country's troubled textile industry.

Minister of information and communications, Mr John Odey, said that the administration is very concerned about the state of the textile industry. Extremely high production costs are currently making it near to impossible for the industry to be competitive.

The fund will be sourced from United Bank for Africa, while Nigeria Export Import Bank authorised to negotiate the loan on behalf of the federal government.

Government also committed to assist the industry in the area of raw materials needed for production, especially with regard to fuel needed for power production.