You are here
Home > Don't Miss > CBN Set On A Rescue Mission To Revive Cotton Textile And Garment Sector

CBN Set On A Rescue Mission To Revive Cotton Textile And Garment Sector

Spread the love

The Central Bank of Nigeria is set to resuscitate the Cotton Textile and Garment sector, as it plans to increase cotton production, the capacity of ginneries and textile companies in the country.

This was disclosed by the CBN Governor, Godwin Emefiele via the apex bank’s Twitter handle, during its Cotton, Textile and Garment sector stakeholders engagement.

The apex bank tweeted below:

“CBN is on a journey to resuscitate the #CTG sector with a plan to increase cotton production, capacity of ginneries and textile companies in the country.

Attain self-sufficiency in cotton production and create jobs, while enhancing the skills of Nigerians across the value chain of cotton production.

Emefiele explained that the CBN will be working with associations that have repaid at least 70% of their existing loans to cultivate about 80,000 hectares of land with an average output of 120,000 metric tonnes at 1.5 metric tonnes per hectare.

He commended stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.

The textile industry in Nigeria today is capable of an average output of between 150,000MT and 300,000MT with a ginning capacity of 650,000MT at 80% capacity utilization.

Lady Decency
Decency Global News is one of the world's finest blog you can see anywhere around the world. We deal on fresh facts with indept analysis & investigative reporting across the globe. We advertise & market goods & services for corporate bodies and individuals as well as event management & Public Relations consultation…. We appreciate constructive criticism to serve you better. Welcome & enjoy the news... Contact: ella4decency@gmail.com Tell: +234 803 744 6365 +33757936595
Top