20th Sep, 2019 @ 07:57 AM


CTG Industry: Emefiele reveals CBN plan for the next three years


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Mr Godwin Emefiele, the CBN Governor says The Central Bank of Nigeria (CBN) current effort to revive Cotton, Textile and Garment (CTG) Industry has a target to engage 300,000 farmers to achieve 450,000 metric tonnes of cotton in 26 states in the next three years.

Emefiele, in a meeting with some state Governors and the media in Abuja on Thursday, revealed that the bank had commenced the cultivation of 200,000 hectares of hybrid cotton which will be distributed to 200,000 farmers in selected 26 states in the country. This is an effort to revive the CTG sector, a means to ensure economic growth.

He further stated that the bank met with some stakeholders such as ministry of Agriculture, Trade and Investment, Textile and Garment Implementation Committee among others to drive the achievement of the goals.

The 26 states are, Adamawa, Bauchi, Benue, Borno, Cross River, Delta, Edo, Ekiti, Gombe, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Oyo, Sokoto, Taraba, Yobe and Zamfara.

According to Emefiele:

The total expected yield at the end of the current season is 302,440 metric tonnes. The distribution of inputs to cotton farmers was flagged off in Katsina on May 6, this year.

A total of 20 ginneries in seven states that include Borno, Gombe, Kano, Katsina, Kebbi, Niger and Zamfara were identified to off-take the cotton financed by the bank.

The ginners are to sell their lint to textile factories with the ultimate objective of producing textiles to meet the needs of the members of the uniformed services.

Funds to operationalise the ginneries has just been approved by the management of the bank to be disbursed through Bank of Industry.

As part of the engagement process, the bank met with some stakeholders under the aegis of Cotton, Textile and Garment Implementation Committee, comprising governors of Kano, Kaduna, Kebbi States, the ministers for Agriculture, Trade and Investment, and Power to drive the achievement of our set goals.

The bank relied on the Executive Order 003 of the Federal Government of Nigeria and engaged uniform services to buy into the CTG initiative of the bank by having locked in contracts for the procurement of uniforms, accoutrements and other accessories from Nigerian Textiles and Garments Industry.

Godwin Emefiele



Business

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