Nigerian BoI funds N100 bn for cotton production

08 Jan '15
1 min read

The Nigerian Bank of Industry has sponsored N100 billion through the Growth Enhancement Support (GES) scheme on the Cotton, Textile, and Garments (CTG) Funds for the cotton subsector, according to the Federal Ministry of Agriculture and Rural Development (FMARD), Punch reported.

According to the ministry, the bank supported cotton farmers, ginners, and textile mills by funding their activities, and about 38 companies were fully repositioned through the GES scheme. Out of the N100 billion, N75 billion had been approved and committed to the CTG businesses across the country.

Four improved varieties of cotton seeds, which included Samcot 8, Samcot 9, Samcot 10 and Samcot 11, were promoted in 2012, while in 2014 six varieties of cotton seeds were developed by the Institute for Agricultural Research, Ahmadu Bello University, Zaria.

To further boost production, the Government also distributed free cotton seeds to 36,000 farmers, a total of 1,506.39 tonnes in the north-west and north-east, cultivating on an estimated 75,000 hectares in 2012.

In 2014, about 2,385.38 metric tonnes of certified seeds were distributed to 110,370 farmers in the north-east, north-west, and north central parts of the country under the GES scheme. (GK)

Fibre2fashion News Desk - India

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