The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has pledged his support to drive investments in the Cotton, Textile, and Garment (CTG) sub-sector of the country’s economy, as it will help revive the industry for growth and productivity.
He made this statement in a series of tweets at the stakeholders’ meeting on Thursday.
The CBN governor hopes that the CTG sector can help in creating more job opportunities and reducing the level of unemployment in Nigeria. He also believes it can help in improving the government’s revenue drive if made to operate optimally.
“Textile industry in Nigeria today is capable of an average output of between 150,000 metric tonnes and 300,000 metric tonnes with a ginning capacity of 650,000 metric tonnes at 80 per cent capacity utilisation,” he said.
He disclosed that the aim of the Central Bank is to revive the CTG industry and increase cotton production, capacity of gunneries and textile companies 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.”