Over N100B Required to Revive Textile Industry – Emefiele

NAN/

Mr Godwin Emefiele, the Governor of the Central Bank of Nigetia (CBN)  says that over N100 billion is required to revive Cotton, Textile and Garment (CTG) sub sector in Nigeria.

Emefiele said this while briefing newsmen after the  signing ceremony of Memorandum of Understanding (MoU) with some critical stakeholders on he sub sector in Abuja.

He explained that the intervention needed on cotton farming and ginneries alone required close to N50 billion.

He said  that apart from cotton and ginneries, textile and garments were part of  the value chain

Emefiele  added that some of the garment factories had also requested for some facilities  to facilitate sewing of these garments.

“It is not about the money, the most important is about the fact that we seize this  opportunity to create jobs.

“We seize this opportunity for the industries that has been moribund and dead to come alive again in Nigeria and by extension helps to grow the Gross Domestic Product (GDP) of the country.

“We are happy that we are effectively taking control of the entire CTG value chain, from the production of Cotton to the finished products which are textiles and garments.

“CBN and Bank of Industry are ready to finance this sub sector to help purchase modern technologies to enable them produce the required quality products” he said.

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