The Central Bank of Nigeria is set to resuscitate the Cotton Textile and Garment sector, as it plans to increase cotton production, the capacity of ginneries and textile companies in the country.
This was disclosed by the CBN Governor, Godwin Emefiele via the apex bank’s Twitter handle, during its Cotton, Textile and Garment sector stakeholders engagement.
READ: Nigeria signs $2 billion cotton deal with Chinese firm
The apex bank tweeted:
“CBN is on a journey to resuscitate the #CTG sector with a plan to increase cotton production, capacity of ginneries and textile companies in the country.
Attain self-sufficiency in cotton production and create jobs, while enhancing the skills of Nigerians across the value chain of cotton production.”
READ: CBN says 3.8 million farmers benefitted from Anchor Borrowers’ Programme, disburses N554 bn
#CBN will be working with associations that have repaid at least 70% of their existing loans to cultivate about 80,000 hectares of land with an average output of 120,000 metric tonnes at 1.5 metric tonnes per hectare. pic.twitter.com/Ivg6YtcqG5
— Central Bank of Nigeria (@cenbank) June 3, 2021
READ: Nigeria loses over N790bn to smuggling of textile goods – Emefiele
Emefiele explained that the CBN will be working with associations that have repaid at least 70% of their existing loans to cultivate about 80,000 hectares of land with an average output of 120,000 metric tonnes at 1.5 metric tonnes per hectare.
He commended stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.
What you should know
The textile industry in Nigeria today is capable of an average output of between 150,000MT and 300,000MT with a ginning capacity of 650,000MT at 80% capacity utilization.
I pray to God for this goal to be a reality. And wonderful Nigeria will be a step ahead.
I seriously in Love with the new development, & I wish to be among the beneficiary. I Love Agriculture
What happened to the $2b agreement which was said to have been signed with Shandong Ruyi International Fashion Industry in 2019?
Another good news and hope raiser for the Textile Scientists and Technologists whose career path was truncated innocently and thrown to unemployment stress at 78% monthly weaving efficiency. We have lost hope entirely because we know Nigeria and Nigerians. Our Textile stakeholders National Conference is coming up soon in Bayero University, Kano. Hoping to see you there.