By Kadiri Abdulrahman
Abuja, June 1, 2021 The Central Bank of Nigeria (CBN) on Tuesday engaged Stakeholders in the Cotton, Garment and Textile (CTG) industry on how to revamp the industry towards economic diversification and sustainable growth.
The stakeholders, representing different associations within the industry,
commended the apex bank for its support and commitment towards growing the sector.
The meeting was called to appraise past efforts towards revamping the industry and to chart a way forward.
Mr Godwin Emefiele, the CBN Governor, said that the CTG industry is integral to Federal Government’s plans for economic diversification and job creation.
In a speech delivered on his behalf by Lamtek Adamu, Deputy Governor in charge of Corporate Services, Emefiele said that the CBN is committed to offering the required support to return the textile and garment industry to its old glory.
The Central Bank of Nigeria (CBN) says a total of N44 billion has been disbursed to 200,000 cotton farmers since 2019 as a way of revamping the industry.
By Kadiri Abdulrahman
At the inception of the present regime on May 29, 2015, President Muhammadu Buhari expressed his intention to diversify the Nation’s economy and move it away from sole dependence on crude oil.
Top on the government’s list of diversifiable alternatives was agriculture. Government’s intention was to ensure that the country developed the agriculture sector to a point where it will complement crude oil receipts with huge exportation of agricultural products. The idea was for the country to boost agricultural production and for Nigeria to reverse its negative balance of payment on food.
The first step, however, will be for the nation to achieve self sufficiency in food by, at least, “growing what we eat,’’ and then, put a stop to the reckless importation of food items. This was supposed to help save scarce foreign exchange which can then be used for other more pressing needs.
Top on the government’s list of diversifiable alternatives was agriculture. Government’s intention was to ensure that the country developed the agriculture sector to a point where it will complement crude oil receipts with huge exportation of agricultural products.
The idea was for the country to boost agricultural production and for Nigeria to reverse its negative balance of payment on food.
The first step, however, will be for the nation to achieve self sufficiency in food by, at least, “
growing what we eat,’’ and then, put a stop to the reckless importation of food items. This was supposed to help save scarce foreign exchange which can then be used for other more pressing needs.