CBN Spends Over N44bn On Cotton, Textile, Garment Sector In 2 Years
The Central Bank of Nigeria (CBN) said it has disbursed over N44 billion across the cotton, textile and garment (CTG) value chain between 2019 and 2020 and has been monitoring recovery over the period.
The central bank also said its intervention in the sector has created over 620,000 direct and indirect jobs in two years while also ensuring that the textile industry record an increase in production – over 10 million meters of yarn materials.
CBN governor Godwin Emefiele, made the statement yesterday at a stakeholders’ engagement for the resuscitation of the cotton, textile and garment sector in Abuja.
The deliberations were focused on solutions and strategies for addressing identified challenges and promoting sustainable impact of the resuscitation programme in the CTG sector.
Emefiele who was represented by his deputy in charge of corporate services, Edward Adamu, said the textile industry in Nigeria is capable of an average output of between 150,000 and 300,000 metric tonnes with a ginning capacity of 497,000mt at 51 per cent capacity utilisation from 19 per cent.
The cotton, textile and garment sector is a critical sector in the country with huge potential for creating hundreds of thousands of jobs, supporting the production and use of locally manufactured textiles and saving us billions in foreign exchange.
The CBN had said it wants to close the seed cotton gap in Nigeria of 450,000 metric tonnes by 2022.
Adamu said the CBN has financed 19 ginneries, four textile companies and three garment manufacturers under the textile sector intervention facility within the same period.