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    Home»News»CBN To Revive Cotton Textile & Garment Sector
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    CBN To Revive Cotton Textile & Garment Sector

    Deborah AdegokeBy Deborah AdegokeJune 3, 2021Updated:June 3, 2021No Comments1 Min Read
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    The Central Bank of Nigeria says it is set to resuscitate the Cotton Textile and Garment sector. This the apex bank states will commence as it plans to increase cotton production, the capacity of ginneries and textile companies in the country.

    CBN Governor, Godwin Emefiele via the apex bank’s Twitter handle, during its Cotton, Textile and Garment sector stakeholders engagements disclosed

    The apex bank tweeted:

    #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.

    — Central Bank of Nigeria (@cenbank) June 3, 2021

    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.

    CBN Central Bank of Nigeria Godwin Emefiele
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    Deborah Adegoke

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