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Home Business News

CBN to resuscitate Cotton Textile & Garment sector

Abiola Odutola by Abiola Odutola
June 3, 2021
in Business News, Manufacturing
CBN to resuscitate Cotton Textile & Garment sector
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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

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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.

News continues after this ad


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

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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.

Related

Tags: CBNCotton Textile and Garment Sector

Comments 4

  1. Ogbagha lucky says:
    June 3, 2021 at 5:34 pm

    I pray to God for this goal to be a reality. And wonderful Nigeria will be a step ahead.

    Reply
  2. Emenike Joy Chidera says:
    June 4, 2021 at 2:13 pm

    I seriously in Love with the new development, & I wish to be among the beneficiary. I Love Agriculture

    Reply
  3. Tony Aleogena says:
    June 4, 2021 at 8:13 pm

    What happened to the $2b agreement which was said to have been signed with Shandong Ruyi International Fashion Industry in 2019?

    Reply
  4. Abdulkadir Suleiman says:
    June 5, 2021 at 6:55 am

    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.

    Reply

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