Nigeria ready to revive cotton, textile sector – Emefiele

A cotton farm

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has said the bank is ready to provide intervention to revive the Cotton, Textile and Garment (CTG) sub sector. He explained that the sector requires about N100bn to bounce back to life.

Emefiele said this while speaking with newsmen after the signing ceremony of Memorandum of Understanding (MoU) with some critical stakeholders at the sub sector in Abuja on Tuesday.

He explained that the intervention needed on cotton farming and ginneries (removing the seeds from cotton) alone required close to N50 billion.

He said the entire value chain did not end at cotton and ginneries, of course there was textile as well as garments.

The governor disclosed that some of the garment factories had also come asking for some facilities for them to retool to do more of sewing of these garments.

“It is not about the money, the most important is about the fact that we seize this  opportunity to create jobs.

“We seize this opportunity for the industries that are moribund and dead to come alive again in Nigeria and by extension helps to grow the Gross Domestic Product (GDP) of the country.

“We are happy that we are effectively taking control of the entire CTG value chain, from the production of Cotton to the finished products which are textiles and garments.

“CBN and Bank of Industry are ready to finance this sub sector to help purchase modern technologies to enable them produce the required quality products” he said.