The Central Bank of Nigeria (CBN) on 15 October, 2020 at a meeting with stakeholders in the CTG sector in Abuja, said it had invested over N120 billion across the Cotton, Textile and Garment (CTG) value chain since its inception, to Revive the Textile Sector.
The Deputy Governor of Central Bank in charge of Corporate Services, Mr. Edward Adamu said at the stakeholders meeting that over 320,000 farmers have been empowered since 2018, adding that the expected output for seed cotton is projected to be over 300,000 metric tonnes in 2020, and that the domestic demand for cotton is currently met through local production, and not foreign, compared to months in the recent past. and this has increase the capacity utilization of ginneries which now operate throughout the year.
According to him, “A lot of progress has been made, but at the same time more needs to be done to ensure that we build an inclusive economy that supports domestic production of goods and services, while offering job opportunities to teeming Nigerians.
“This assignment has been bestowed upon us all by the President of the Federal Republic of Nigeria, Muhammadu Buhari, who remains extremely supportive of the agricultural sector revolution due to its role in ensuring food security, creating jobs and stabilising the Nigerian economy,” he said.
The CBN Director in Development Finance Department, Mr. Yila Yusuf, while speaking to journalist, identified the major challenge face in the textile sector, which he said that smuggling of textiles is one of the challenge face in the textile sector as this have hinder the revival of the sector.
he said; ” “As you are aware a lot of them (smugglers) their accounts have been blocked. As restitution, we are telling them to go patronise the local textile factories.
“The CBN was also working with the uniform services to enhance patronage of locally-made fabrics which are of high quality.
“CBN would also ensure that farmer get funded with the right interest regime” he said.