CBN to work with associations to cultivate 80,000 hectares of land
The Central Bank of Nigeria (CBN) has revealed its on a journey to revive the Cotton Textile and Garment sector with a plan to increase cotton production, capacity of ginneries and textile companies in the country.
The CBN Governor, Godwin Emefiele stated this via a tweet on the official Twitter account of the apex bank on Thursday.
He said, “CBN is on a journey to resuscitate the #CTG sector with a plan to increase cotton production, the capacity of ginneries, and textile companies in the country. Attain self-sufficiency in cotton production and create jobs, while enhancing the skills of Nigerians across the value chain of cotton production.”
Emefiele stated that the CBN will be working with associations that have repaid at least 70% 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.
“The textile industry in Nigeria today is capable of an average output of between 150,000MT and 300,000MT with a ginning capacity of 650,000MT at 80% capacity utilization,” he said
Emefiele commends stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.