CBN Moves to Drive Investment in Cotton, Textile and Garment Industry
Godwin Emefiele, Governor of the Central Bank (CBN) has pledged support to drive investments in the cotton, textile, and garment (CTG) sub-sector of the Nigerian economy in a move to resuscitate the industry for growth and productivity.
The CBN made the gesture in a series of tweets Thursday at the stakeholders’ meeting. Emefiele believes that the sector can create more jobs for people amidst rising unemployment conditions due to the tight growth record.
Noting their efforts, the CBN Chief commends stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.
“Textile industry in Nigeria today is capable of an average output of between 150,000 metric tonnes and 300,000 metric tonnes with a ginning capacity of 650,000 metric tonnes at 80 per cent capacity utilisation,” he said.
The apex bank chief believes that the textile sector was capable of creating jobs and improving government’s revenue drive if made to operate optimally.
He said that CBN was on a journey to resuscitate the sector with a plan to increase cotton production, capacity of gunneries and textile companies in the country.
“CBN will be working with associations that have repaid at least 70 per cent 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.
“We commend stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria. We will ensure self-sufficiency in cotton production and create jobs while enhancing the skills of Nigerians across the value chain of cotton production”.
Recall that CBN on June 1, engaged with CTG stakeholders to appraise past efforts at resuscitating the sector and chart a way forward. The stakeholders, representing different associations within the sector also commended the apex bank for its support and commitment toward growing the sector.
CBN Moves to Drive Investment in Cotton, Textile and Garment Industry
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