Connect with us


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



FG set to boost domestic production of milk – 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.

sun news

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750

Website Designed By DEBORIAN.COM, a Nigerian Web Designer and Web Developer -