CBN to resuscitate Cotton Textile & Garment sector

The Central Bank of Nigeria is set to resuscitate the Cotton Textile and Garment sector, as it plans to increase cotton production, the capacity of ginneries, and textile companies in the country.

This was disclosed by the CBN Governor, Godwin Emefiele via the apex bank’s Twitter handle, during its Cotton, Textile, and Garment sector stakeholders engagement.

The apex bank tweeted:

“CBN is on a journey to resuscitate the #CTG sector with a plan to increase cotton production, the capacity of ginneries, and textile companies in the country.

Attain self-sufficiency in cotton production and create jobs, while enhancing the skills of Nigerians across the value chain of cotton production.”

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.

The textile industry in Nigeria today is capable of an average output of between 150,000MT and 300,000MT with a ginning capacity of 650,000MT at 80% capacity utilization.

#Emefiele commends stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.

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