The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday explained the improvements of the Cotton, Textile, and Garment (CTG) sector as crucial for strengthening profitable recovery, boosting employment, and creating wealth for Nigerians. Emefiele, at a conference in Abuja with critical stakeholders in the CTG section also told that CBN’s contrivance in the section had led to the innovation of 620,000 direct and indirect jobs since the efforts to reposition the section began in 2019. The apex bank has spent a full of N44 billion between 2019 and 2020 over the CTG value chain spell monitoring recapture over the period.
He said that the bank back over 278,500 hectares in 2019 and 2020, adding that over 90,000 Metric Tonnes (MT) of cotton seed were harvested spell company capacity of ginneries increased from a mean of 19% to 51%. He said that the textile section gets 100% of its great raw materials (cotton lint) at a CBN- subsidized rate of N440,000 as against the market price of N593,000, adding that the company has an increase in manufacturing of over 10 million meters of yarn materials. At the conference, which was order to among other things, deliberate on the current state of the company as well as chart the way forward, Emefiele told stakeholders that the uniformed services had started to patronize locally made textiles for their uniforms while the garment company received orders for manufacturing of uniforms and cotton handbags.
