Home / Knowledge / News / Textiles / CBN invests N120 bn to revive Nigeria's textile sector

CBN invests N120 bn to revive Nigeria's textile sector

20
Oct '20
Pic: Shutterstock
Pic: Shutterstock
The Central Bank of Nigeria (CBN) recently said it had invested over N120 billion across the cotton, textile and garment (CTG) value chain since its intervention programme in the industry began. Over 320,000 farmers had been financed between 2018 to date and the expected output for seed cotton is projected to be over 300,000 metric tonnes in 2020.

CBN’s deputy governor in charge of corporate services Edward Adamu said at a recently meeting with stakeholders in the sector in Abuja that this is expected to enhance the production capacity of the ginneries in producing over 102,000 metric tonnes of cotton lint, which should meet and surpass the cotton lint requirement of the textile industry in the country.

The domestic demand for cotton is now met through local production, thereby halting the import of cotton as well as increasing capacity utilisation of ginneries, which now operate throughout the year compared to months in the recent past, he was quoted a s saying by Nigerian media reports.

He said a total of 19 ginneries had been resuscitated nationwide and more are expected to become operational this year. He said the apex bank’s enhanced drive toward anti-smuggling is yielding positive results, with the bank accounts of over 15 textile smugglers frozen.

President of National Cotton Association of Nigeria Anibe Achimugu stressed the need for farmers to access funding from the Export Development Fund (EDF) to help them remain competitive.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 23rd Nov 2020

Japan aims to expand CPTPP trade pact

Japanese Prime Minister Yoshihide Suga recently said his country...

Pic: Shutterstock

Textiles | On 23rd Nov 2020

Bangladesh gets $256.5 mn from Green Climate Fund

Bangladesh recently received $256.5 million from the UN Green Climate ...

Pic: Mulberry

Apparel/Garments | On 23rd Nov 2020

Frasers raises Mulberry stake to 37%, considers offer

The Frasers Group, formerly called Sports Direct, recently announced...

Interviews View All

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Footwear industry, Head honchos

Footwear industry
Head honchos

Personalised and differentiated footwear is in high demand

Sanjay Yagnik, Maa Tex Speciality

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Ashish M Amin,

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Madhu Sudhan Bhageria,

Madhu Sudhan Bhageria

Incorporated in August 1990, Filatex India Ltd manufactures manmade...

Roz Guarnori,

Roz Guarnori

FESPA Global Print Expo 2019, to be held in Munich from May 14-17, is...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search