• Linkdin

Nigeria's CBN approves loans to boost cotton production

04 Nov '19
2 min read
Pic: Shutterstock
Pic: Shutterstock

The Central Bank of Nigeria (CBN) has approved a loan of N19.18 billion to nine cotton firms, according to CBN governor Godwin Emefiele, who recently signed two agreements in Abuja. The first agreement was between the National Cotton Association of Nigeria and ginning companies to guarantee steady off-take and processing of cotton lint and cotton seeds.

The second was between the Nigerian Textile Manufacturers Association and the armed forces, police, paramilitary institutions and the National Youth Service Corps.

Emefiele said CBN wants to help enable the firms retool their processing plants. The loan, which would be disbursed at a single-digit interest rate, would assist in sustaining their operations and improving their production capacity, according to Nigerian media reports.

The same support would be extended to textile and garment firms as well, he said.

Meanwhile, President Muhammadu Buhari, in a message to the 31st annual educational conference of the National Union of Textile Garment and Tailoring Workers of Nigeria in Abuja last week, said his administration is making effort to expand the textile and garment industry to generate two million jobs.

Buhari said the recent policy to close Nigeria’s land borders would help protect the textile industry.

Fibre2Fashion News Desk (DS)

Leave your Comments

Esteemed Clients

TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Taiwan Textile Federation (TTF)
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Stahl Holdings B.V.,
Advanced Search