CBN to revive cotton textile, garment sector

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Factual Pursuit of Truth for Progress

 

The Cotton Textile and Garment sector of the country will soon come alive as the Central Bank of NIGERIA (CBN) has disclosed plans to revive its fortunes by increasing cotton production, the capacity of ginneries, and textile companies in the country.

The CBN Governor, Godwin Emefiele, made this disclosure on the bank’s Twitter handle, during its cotton, textile and garment sector stakeholders forum.

The tweet read: “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.”

“#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.”

Emefiele noted 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 further applauded stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.

Note that the textile industry in Nigeria has the capacity to produce an average output of between 150,000MT and 300,000MT with a ginning capacity of 650,000MT at 80% capacity utilization.

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