The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, Tuesday disclosed that the sum of N100 billion would be spent to revive the moribund cotton, textile and garment industry.
Emefiele said already N50 billion has so far been spent on the sector, adding that this was to ensure that the country returns to the good old days of generating employment hitherto lost and curb the crime wave in the country.
The CBN boss stated this after supervising the signing of two Memorandum of Understanding (MoU) between:
National Cotton Association of Nigeria (NACOTAN) and Ginning Companies;
Nigerian Textile Manufacturers Association and Armed Forces of Nigeria, Nigeria Police, Paramilitary Institutions & National Youth Service Corps
“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.
“This ceremony also represents a landmark event being part of the measures the CBN along with other stakeholders such as the NACOTAN, Nigerian Ginners Association, Nigerian Textile Manufacturers and Garments Association, Armed Forces and Uniformed Services, have embarked upon in order to revive Nigeria’s Cotton, Textiles and Garments (CTG) sector through ensuring local sourcing of all uniformed services and hospital theatre wears,” he said.
Emefiele further stated that the Nigerian cotton, textiles and garment sector has been 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 in 1990s beginning from the cotton farmers , to the ginneries and textile firms.
“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. Smuggling of textiles goods alone is estimated to have cost the nation an import bill of over $4.0 billion annually on textiles and apparel.”
