CBN Governor, Godwin Emefiele,
By Our Reporter
The Central Bank of Nigeria (CBN) has approved about N19.2 billion to fund the establishment of nine ginneries across the country, the Central Bank of Nigeria Governor, Godwin Emefiele, disclosed on Tuesday.
The CBN governor said this at the signing of an Memorandum of Understanding (MoU) with some critical interest groups in the Cotton, Textile and Garment (CTG) subsector in Abuja.
The MoU was signed between CBN and Nigeria Cotton Association of Nigeria, Ginners Association of Nigeria as well as Nigerian Textile and Garment Manufacturers Association.
Other groups who signed the MoU with the CBN included the Armed forces, Nigerian Police force, paramilitary institutions, the National Youth Service Corps (NYSC) and some uniform organisations.
Mr Emefiele said the approval by the CBN was to enable them retool their processing plants and provide them with improved access to finance at single digit interest rate.
He said the step would help to sustain their operations and improve their production capacity.
“We (CBN) are improving the links between cotton farmers and ginneries, by ensuring that ginneries are able to off-take the high-quality cotton produced by these farmers. The same support will be extended to the textile and garment firms,” Mr Emefiele said.
“We have invested heavily in our local textile and garment factories to retool and produce assorted uniforms for our uniformed services that meet international standards,” he added.
Also, he said the CBN has constituted a Textile Revival Implementation Committee (TRIC), which includes the Federal Ministries of Agriculture and Rural Development and Water Resources
