Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), says the bank seeks to empower the cultivation of 80, 000 hectares of cotton by 2021.
This will be done with an average output of 120, 000 metric tonnes per hectare, according to the apex bank.
Emefiele revealed this in a series of tweets on the CBN official account yesterday, praising stakeholders in the Cotton, Garment and Textile (CTG) sector for their efforts to revive the industry for economic growth.
If made to work efficiently, he added, the textile sector might create jobs and improve the government’s revenue drive.
He stated that the CBN was on a mission to resurrect the sector, with a strategy to boost cotton production, gunnery capacity, and textile manufacturing in the country.
“CBN will be working with associations that have repaid at least 70 per cent 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.
“We commend stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.
“We will ensure self-sufficiency in cotton production and create jobs, while enhancing the skills of Nigerians across the value-chain of cotton production.
According to him, Nigeria’s textile sector can produce between 150,000 and 300,000 metric tonnes on average, with a ginning capability of 650,000 metric tonnes at 80 percent capacity utilisation.
On June 1, the CBN met with CTG stakeholders to assess previous efforts to resurrect the sector and define a course forward.
The stakeholders, who represented several groups in the sector, praised the apex bank for its assistance and dedication to the sector’s growth.
