Daily Trust

CBN in­vests N120bn in tex­tile, gar­ment value chain

- By Chris Agabi Business · Nigeria News · Agriculture · Industries · Central Bank of Nigeria · Nigeria · Central Bank of Nigeria (CBN) · Abuja

The Cen­tral Bank of Nige­ria (CBN) said it has in­vested N120 bil­lion across the Cot­ton, Tex­tile and Gar­ments (CTG) in­dus­try.

The CBN Deputy Gov­er­nor, Cor­po­rate Ser­vices, Mr. Ed­ward La­matek Adamu, stated this Thurs­day dur­ing a meeting with CTG stake­hold­ers held in Abuja.

“The CBN also said it is tar­get­ing 300,000 tons of cot­ton pro­duc­tion this year.

The bank’s in­ter­ven­tion in the Cot­ton, Tex­tile and Gar­ments (CTG) in­dus­try is in full swing and since the in­cep­tion of the CTG in­ter­ven­tion, huge progress has been made, some of which in­clude the over N120bn in­vested across CTG value chain; over 320,000 farmers fi­nanced between 2018-2020; and out­put for seed cot­ton in 2020 pro­jected to be over 300,000 met­ric tonnes, he said.

Mr. Adamu said the ef­fort has led to an in­crease in ca­pac­ity uti­liza­tion of gin­ner­ies as they now op­er­ate through­out the year, com­pared to six months in the re­cent past and 19 gin­ner­ies re­sus­ci­tated across the coun­try, adding that more are ex­pected to join this year.

He also said the war against tex­tile smug­gling is suc­ceed­ing. “We have en­hanced drive to­ward anti-smug­gling yield­ing re­sults with over 15 tex­tile smug­glers’ ac­counts frozen across the coun­try.

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