CBN targets revival of 20 textile companies before 2019 end

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The Central Bank of Nigeria (CBN) is targeting to revive at least 20 textile companies before the end of the year as it inaugurated a Textile Revival Implementation Committee on Thursday in Abuja. 

The committee would ensure the resuscitation of at least 50 textile firms by the end of 2023; collaborate with stakeholders to identify, name and shame textile smugglers in Nigeria as well as develop a framework for eradication of smuggling and dumping of textile products into Nigeria.

It would also facilitate the production of 200,000 hectares of cotton fields by 2020 and maintain an annual increase of 100,000 hectares over the next three years.

The committee was inaugurated by the CBN Governor, Godwin Emefiele and had Governor of Kano State Abdullahi Ganduje, as well as the Deputy Governors of Kaduna and Jigawa State among other stakeholders in the CTG sector in attendance.

Speaking at the event, Emefiele said the CTG sector within the last 20 years had suffered a lot of difficulties and listed the challenges confronting the sector   to include low cotton production, poor power and transport infrastructure, obsolete production lines, smuggling and counterfeiting, inadequate local patronage, high cost of production, and multiple taxation among others. 

For instance, he said the value of textiles  smuggled into the country has been estimated at over $2.2bn. 

The new committee is therefore also expected that the committee would work assiduously to deliver a minimum of 50 megawatts of captive power to CTG firms in the interested states by 2021, and facilitate the effective pricing and delivery of gas, black oil and diesel to CTG firms in Lagos and other interested states.

This is hoped would enhance their power generation and consumption.

According to Emefiele, “It’s no secret that the past 20 years have been very difficult Read More...