Nigeria’s apex bank, the Central Bank of Nigeria (CBN) says it has spent N120 billion on funding 320,000 farmers covering the entire CTG value chain.
The effort, the bank said, is expected to enhance the production capacity of local ginneries in producing over 102,000 metric tons of cotton lint, which is expected to meet and surpass the cotton lint requirement of the nation’s textile industry.
“Since the inception of the CTG intervention, huge progress has been made, some of which include: Over N120 billion 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,” deputy CBN governor, corporate services, Edward Adamu said yesterday at the CTG stakeholders meeting in Abuja.
According to him, the drive towards anti-smuggling was yielding result with over 15 textile smugglers’ accounts frozen across the country.
“A lot of progress has been made, but at the same time more needs to be done to ensure that we build an inclusive economy that supports domestic production of goods and services, while offering job opportunities to teeming Nigerians,” he added.
He disclosed that 19 ginneries have been resuscitated across the country; and more are expected to join this year.
The Bank’s interventions in Cotton textile and garment sector is designed to resuscitate and return the textile industries to its glorious days, creating jobs, diversification of Nigeria’s economy and achieving sell-sufficiency in cotton production.
Nigeria intends to mnimise and eradicate smuggling and dumping of textile goods and facilitate foreign reserve accretion.
Equally speaking at the event, CBN director, development finance, Yusuf Yilla said the first phase of high yield seeds has been completed.