Emefiele: Revival of Cotton, Textile Industries Critical for Economic Recovery

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•Says 620,000 jobs created in two years •CBN disburses N44bn to CTG sector By James Emejo The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday described the revival of …

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The Governor of the Central Bank of Nigeria , Mr. Godwin Emefiele, yesterday described the revival of the Cotton, Textile and Garment sector as crucial for strengthening economic recovery, boosting employment and creating wealth for Nigerians.

He said the bank financed over 278,500 hectares in 2019 and 2020, adding that over 90,000 Metric Tonnes of cotton seed was harvested while industry capacity of ginneries increased from an average of 19 per cent to 51 per cent. Emefiele, represented by CBN Deputy Governor, Corporate Services Directorate, Mr. Edward Adamu, stated that the bank is currently collaborating with some private stakeholders towards improving the quality of seeds to guarantee high yields.

He stated that the bank would be working with associations to cultivate about 80,000 hectares with an average output of 120,000 metric tonnes at 15 metric tonnes per hectare. Earlier, CBN Director, Development Finance Department, Mr. Yila Yusuf, said the bank had disbursed a total of N44 billion between 2019 and 2020 across the CTG value chain while monitoring recovery over the period.

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Just waking up to that after how many years 😳

The knowledge economy nko?

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