CBN To Revive Cotton Textile & Garment Sector

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.