Togolese Parliament passes bill to privatise NSCT
07 Jul 20 1 min read
The Togolese Parliament has passed the bill approving privatisation of NSCT (Nouvelle Société Cotonnière du Togo or New Cotton Company of Togo). The Togolese government has 60 per cent share in the NSCT while the remaining 40 per cent is with the FNGPC (Fédération Nationale des Groupements de Producteurs de Coton or National Federation of Cotton Farmers).
The passing of the bill has cleared the way for the Singapore-based Olam group to acquire the government's 60 per cent share in NSCT.
The government has, however, promised cotton growers and other workers employed at the NSCT that they would not lose their jobs because of the privatisation.
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Prior to January 2009, NSCT was known as SOTOCO or the Togolese Cotton Company. For nearly 35 years from 1974, SOTOCO supported more than 200,000 cotton farmers in the country's northern region.
Fibre2Fashion News Desk (RKS)
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