The cotton value chain in Nigeria once created employment opportunities for well over 450,000 people and supported 180 textile mills. A combination of sustained streams of policy somersaults, if not failures, blighted the glorious days of the 1970s and early 1980s with a devastating impact on the sector especially its capability to contribute to Gross Domestic Product .
It took an extraordinary courage of a man determined to confront the monster that was depleting the nation’s external reserves and more so those benefitting from the mind-boggling exercise that was bleeding the country to death. Stopping the ugly trend became part of his policy directed at making Nigeria a net producer of cotton again and restoring her position as a big player in the cotton value chain.
Emefiele’s policy thrust was and still is to revamp the sector by supporting farmers to cultivate quality cotton lint being the major raw material for the industry. However, in the opinion of this newspaper, a lot has been achieved in the sector since the policy was rolled out over the last few years. But even as the apex bank itself acknowledged, much still needed to be done to restore the sector to its pristine days.
Another observable positive impact of the policy is that 12 ginneries were funded under CTG intervention scheme within the period under review which put them in a position to create 450,000 jobs.
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