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“100 Billion Needed To Regenerate Cotton, Textile, Garment Sector,” Emefiele Says
Peter Emefiele
News

“100 Billion Needed To Regenerate Cotton, Textile, Garment Sector,” Emefiele Says

Eludoyin Oluwanisola

Godwin Emefiele, Governor of Central Bank of Nigeria (CBN) , at the ceremony of Memorandum of Understanding (MoU) in Abuja, on Tuesday, announced that 100 billion naira would be needed to regenerate the Cotton, Textile and Garment (CTG) sector.

After the signing at the ceremony which was held with some critical stakeholders at the sub-sector on Tuesday, Emefiele said that the amount was to bring back cotton, gunneries, textiles and garments.

While insisting that facilities to do sewing with were also needed, he stated, “It is not about the money, the most important is about the fact that we seize this opportunity to create jobs.

“We seize this opportunity for the industries that moribund and dead to come alive again in Nigeria and by extension helps to grow the Gross Domestic Product (GDP) of the country.

“We are happy that we are effectively taking control of the entire CTG value chain, from the production of cotton to the finished products which are textiles and garments.

“CBN and Bank of Industry are ready to finance this sub-sector to help purchase modern technologies to enable them to produce the required quality products.”