The Cotton, Textile and Garment industry is integral to the Federal Government’s plans for economic diversification and job creation, the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, said at a stakeholders’ forum on Tuesday.
The meeting was organised to point a way forward towards revamping the CTG industry for economic growth.
Represented by the Deputy Governor, Corporate Services, Lamtek Adamu, the CBN governor said the apex bank was committed to the revamp of the industry, to its glorious days.
He urged stakeholders to come up with practical solutions to the challenges facing the sector.
“The economic significance of the textile and garment industry in Nigeria cannot be over-emphasised. In the past, we used to have a vibrant textile industry employing hundreds of thousands of people, but now it is a shadow of itself.
“The CBN is committed to revamping the sector. Our efforts have started yielding results, but we need to grow the sector faster,” he said.
Emefiele stressed that the Federal Government added all forms of textile materials to the list of imports barred from accessing forex from official sources, to encourage local production.
He noted that the country’s economy was witnessing a gradual turnaround as a result of the impact of the coronavirus pandemic.
“The CBN remains committed to the successful implementation of all programmes aimed at revamping the sector,” Emefiele added.
Also, the CBN Director of Development Financing, Mr Yila Yusuf, said the meeting was necessitated by the need to rejig the CTG industry.
He said his department plays the role of enhancing economic growth and development of critical economic sectors.
According to him, the CBN had already committed N44bn towards revamping the sector, and had financed about 200,000 cotton farmers since 2019.
“By the 2021 wet season, we need to do more for the sector. We intend to grow its capacity by 70 per cent,” Yusuf said.
The President of National Cotton Association of Nigeria, Mr Anibe Achibogu, corroborated the move, saying CBN’s intervention in the sector increased number of cotton cultivated.
Achibogu added that the sector witnessed an increase of about 50,000 metric tonnes in 2018 to 120,000 metric tonnes in 2019.
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