***Says 320,000 farmers benefit in 2years
The Central Bank of Nigeria(CBN) on Thursday, says it invested over N120 billion on the cotton value chain.
This was even as it stated that between 2018 and 2020, about 320,000 farmers have benefitted from the finance.
The Deputy Governor, Corporate Services, (CBN) Edward Adamu, made the disclosure at the Cotton, Textile and Garments(CTG), Stakeholders Meeting themed ‘Cotton Harvest 2020 Season’.
According to him, the expected output for seed cotton in 2020 is projected to be over 300, 000 metric tonnes.
He said the intervention is aimed at eradicating smuggling and dumping of textile goods in Nigeria and also to resuscitate and return the lost glory of the cotton textile and garment industry.
His words:”The Bank’s interventions in Cotton Textile and Garment sector are designed to resuscitate and return the Textile Industries back to its glorious days, creating jobs, diversification of Nigeria’s economy, and achieving self-sufficiency in cotton production.
“Minimize and eradicate smuggling and dumping of textile goods and facilitate foreign reserve accretion.
“The Bank’s intervention in the Cotton, Textile and Garments (CTG) industry is in full swing and since the inception of the CTG intervention, huge progress has been made, some of which include: Over N120bn invested across CTG value chain; Over 320,000 farmers financed between 2018-2020; Expected output for seed cotton in 2020 is projected to be over 300,000 metric tonnes.
He noted that Nigeria was home to Africa’s largest textile industry, with over 180 textile mills in operations, which employed close to over 450,000 people stressing that:“By today, if we had nurtured and encouraged the textile industry, that sector would be employing millions.”
In a presentation, the Director, Development Finance, CBN, Yusuf Yila, disclosed that cotton seeds farming is now in full gear, ginneries working at over 90 per capacity, textile industries have sufficient raw material (Cotton Lint), price stability of cotton lint, non-importation of cotton lint.
Yila said CBN’s revival of the CTG sector has achieved a multiplier impact stressing that over 15 textile smugglers accounts were frozen.
Also, he said the capacity of ginneries increased in 2019, Cotton lint produced outweigh the textile annual requirement despite Covid 19, Cotton importation is at Zero per cent in 2019, infrastructure and capacity building,
On economic impacts he said N140 billion invested in the CTG in the last three years; Financing- between 2018-2020 over 340,000 farmers engaged and earned over N31.6bn wealth created, over 12 ginneries were funded and the Bank expects to do more, and over 450,000 employment generated under CTG intervention.