The textile industry in Nigeria did not collapse because the companies did not have loans but because they didn't have power, caustic soda was too expensive, Nigeria signed an international agreement, and opened the country's doors to cheap Chinese imports that ran them out of business, said Governor of Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi.

Manufacturers according to him need money, they need power, and they need infrastructure and a tariff regime that supports them. Even when the manufacturing company is going on, the margin has to be considered, as well as the interest rate they are able to pay.

President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Simon Okolo, underscored the fact that money alone is not the problem faced by the industry when he spoke on the N100 billion revival fund proposed by the government to salvage the textile industry. He said even when the money is eventually given for purchase of equipment and others; it would take six months before the banks would process all the documents, and another three months to go about processing the clearing of cargoes at the ports.  On the other hand port charges among other unexpected costs that were not budgeted for would also surface along with the interest that would be paid on the money. These according to him, would make it difficult for the money to be paid back. As a result of that, he recommended for a trust fund to finance the sector.