In a bid to boost economic growth and development, the Central Bank of Nigeria (CBN) has made a net disbursement of N21.9 billion to 155,732 smallholder cotton farmers across the federation to increase cotton production in the country.
The apex bank target was for the country to increase cotton production from 80,000 tonnes produced in 2018 to over 300,000 tonnes by 2020.
In its recent report, tagged ” CBN Update” the apex regulators said to revive the Cotton, Textiles and Garments (CTG) sector in Nigeria, the Bank has also engaged in the distribution of high-yielding varieties of cotton seeds to farmers and provided extensive trainings on proper farming techniques to boost the production of high-grade cotton lint at much improved yields of up to four tonnes per hectare from the current cultivation rate of less than one tonne per hectare.
It said that the genetically modied cotton seeds include a gene that makes it pest-resistant, are suitable for all growing areas in the country, matures early and have better ber strength and length.
