N100bn needed to revive cotton, textile, garment sub-sector – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele says more than N100 billion is needed to revive Cotton, Textile and Garment (CTG) sub sector.

Emefiele said this while speaking with newsmen after signing ceremony of Memorandum of Understanding (MoU) with some critical stakeholders at the sub sector in Abuja on Tuesday.

He explained that the intervention needed on cotton farming and ginneries alone required close to N50 billion.

He said the entire value chain did not end at cotton and ginneries, of course there was textile as well as garments.

The governor disclosed that some of the garment factories had also come asking for some facilities for them to retool to do more of sewing of these garments.

“It is not about the money, the most important is about the fact that we seize this opportunity to create jobs.

“We seize this opportunity for the industries that moribund and dead to come alive again in Nigeria and by extension helps to grow the Gross Domestic Product (GDP) of the country.

“We are happy that we are effectively taking control of the entire CTG value chain, from the production of Cotton to the finished products which are textiles and garments.

“CBN and Bank of Industry are ready to finance this sub sector to help purchase modern technologies to enable them produce the required quality products” he said.