Business
CBN Earmarks N100bn To Revive Cotton, Textile Industry

The Central Bank of Nigeria (CBN) has commenced the implementation of the President Muhammadu Buhari’s Executive Order 003 with the injection of N100 billion as intervention fund to revive textile and cotton industry in the country.
The CBN governor, Mr Godwin Emefiele, gave the figure at the signing ceremony of two Memorandum of Understanding (MoU), between stakeholders in the industries to mark the implementation of the programme.
Emefiele also disclosed that already government has disbursed N50 billion to the stakeholders, even as he expressed gratitude to President Buhari for his tireless effort in supporting the continued growth and development of Nigeria’s agricultural sector.
He noted that the first MoU was between the National Cotton Association of Nigeria (NACOTAN) and ginning companies, to guarantee steady off-take and processing of cotton lint and cotton seeds, while the second MoU was between the Nigerian Textile Manufacturers Association and the Armed Forces of Nigeria, Nigeria Police, Paramilitary Institutions and National Youth Service Corps to facilitate long-term contracts (five years or more) with textile and garment companies to manufacture uniforms in Nigeria for use by various arms of Nigeria’s uniform services.
“Today’s MOU signing sets a significant milestone for enforcement of Mr President’s Executive Order 003 as well as foster closer business collaboration among these stakeholders on a sustainable basis,” he said.
The CBN governor recalled that before the advent of the current administration, the Nigerian cotton, textiles and garment sector was facing very difficult challenges resulting not only in the closure of over 150 textiles firms in Nigeria, but also loss of over two million jobs, beginning from the cotton farmers, to the ginneries and textile firms.
According to the apex bank chief, farmers and processors had to deal with low quality seeds, rising operating cost and weak sales due to high energy cost of running factories, smuggling of textile goods, and poor access to finance.
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