CBN takes bold step, sets up committee to revive 50 textile firms in 4 years

CBN takes bold step, sets up committee to revive 50 textile firms in 4 years

- A committee has been set up by the Central Bank of Nigeria (CBN) for the revival of the country's cotton, textile and garment industry

- The committee was set up by the governor of the Central Bank of Nigeria, Godwin Emefiele

- Emefiele says the target is to revive and set up at least 50 textile companies by 2023

The Central Bank of Nigeria (CBN) has set up a committee for the revival of the country's cotton, textile and garment industry.

The CBN governor, Godwin Emefiele, who set up the committee in Abuja on Thursday, May 16, said the target is to revive and set up at least 50 textile companies by 2023.

According to Emefiele, the committee will have the responsibility of resuscitating the country’s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters, Daily Trust reports.

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Legit.ng notes that the CBN governor said: “Nigeria remains a big market for textile industry. We need to reclaim this industry from smugglers. We need the support of customs and other authorities."

Emefiele said if the textile industry is reclaimed from smugglers, the over $2 billion annual losses to textile smuggling will be reversed.

The CBN governor pledged to work with relevant stakeholders to eradicate smuggling of textile materials to the country, NAN reports.

He said the bank has already engaged 100,000 cotton farmers to cultivate 100,000 hectares of cotton for the 2019 season.

He noted that CBN is committed to resuscitating the sector as timeline has been set to achieving this.

Emefiele said: "I am appealing to all stakeholders to work with us to reclaim our country and everybody must play a role.

"We will make sure we involve all major stakeholders because no important agency relevant to this has been excluded.

“I am a Nigerian, my children are Nigerians, I feel concerned, how do you feel when you go to Kano, foreigners have dominated our markets, selling smuggling textile materials and making a lot of money.

"We must work together to stop this and history will be kind to us as we pursue to reclaim our textile industry."

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Meanwhile, Legit.ng previously reported that the Senate on Thursday, May 16, confirmed Godwin Emefiele as governor of the Central Bank of Nigeria (CBN) for a second term that will last for five years.

The confirmation by the Senate came after the presentation of the report of its committee on banking, insurance and other financial Institutions by Rafiu Adebayo on Thursday, May 16.

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Source: Legit

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