KATSINA – The Central Bank of Nigeria, CBN Governor, Mr. Godwin Emefiele has on Monday threatened to publicise names of individuals and companies involved in smuggling and dumping textile materials into Nigeria resulting in collapse of the textile industries and giving rise to unemployment, insecurity and other negative social vices.
“In considering the role which this sector plays in our economic development, we must not just consider the fact of productivity but also, we must view the sector from the standpoint that their existence helps in sustaining the vitality of the neighborhoods in which they operate. “Today, Nigeria currently spends about $4billion annually on imported textiles and ready-made clothing. With a projected population of over 190 million Nigerians, the needs of the domestic market are huge and varied, with immense prospects for growth of the domestic textile industries.
“As a result, under the leadership and support of President Muhammadu Buhari , we have placed considerable emphasis on addressing impediments to the growth of Nigeria’s agricultural and manufacturing sectors, as both sectors represent over 52% of Nigeria’s GDP.
Emefiele continued when he said, “the intervention we seek to undertake in the Cotton, Textile and Garment sector beginning from today, is holistic and it encompasses every node of the value chain.
“We have held consultative meetings with state governments on ways to reduce the operational cost of running textile factories within their respective states. As a result, some state governments have indicated their interest in providing Captive power plants in industrial areas where textile manufacturers operate, in order to enhance their productivity and reduce the operational cost of running their factories.
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