Wednesday, October 28, 2020
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CBN Invests N120bn on Cotton Production

Central Bank of Nigeria CBN

The Central Bank of Nigeria (CBN) disclosed that over N120 billion has been invested on the cotton value chain and projected over 300, 000 metric tonnes of seed by end of this year.

Deputy Governor, Corporate Services of CBN, Edward Adamu, said yesterday at the Cotton, Textile and Garments (CTG) stakeholders meeting the intervention was to eradicate smuggling and dumping of textile goods in Nigeria.

The meeting tagged: “Cotton Harvest 2020 Season”, he said, would also resuscitate and return the lost glory of the cotton textile and garment industry.

Adamu recalled the booming days of coton industry that sustained the economy with massive job creation, which in the 1970’s and early 1980s, Nigeria was home to Africa’s largest textile industry with over 180 textile mills in operations, which employed close to over 450,000 people.

 “By today, if we had nurtured and encouraged the textile industry, that sector will be employing millions”, h said,

He reiterated that the textile industry, at that time, was the largest employer of labour in Nigeria after the public sector, contributing over 25 per cent of the workforce in the manufacturing sector.

That alone, he said, supported the clothing needs of the Nigerian populace, the markets were filled with locally produced textiles from companies such as United Textiles in Kaduna, Supertex Limited, Afprint, International Textile Industry (ITI), Texlon, Aba Textiles, Asaba Textile Mills Ltd, Enpee and Aswani Mills, amongst others.

“The Bank’s interventions in cotton textile and garment are designed to resuscitate and return the textile industries back to its glorious days, creating jobs, diversification of Nigeria’s economy, and achieving self-sufficiency in cotton production”, he added.

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