Northeast farmers get N6.4bn CBN loan to boost cotton production

Cotton farmers in three Northeast states of Adamawa, Gombe and Taraba have been allocated N6.4 billion as loan by the Central Bank of Nigeria (CBN) to boost production.

The National Vice President of National Cotton Association of Nigeria (NACOTAN), Alhaji Musa Yahaya, disclosed this during an inspection visit to Cotton Aggregation Centre in Gombe State.

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He said the intervention by the CBN was to enable members of the association to embark on massive production of cotton in the three states, thereby boosting cotton production in the country.

According to him, 28, 000 farmers are expected to produce 1000 tons of cotton each at the end of the farming season.

“The N6.4 billion allocated to the three states in the Northeast sub-region, is to strengthen 28,000 members of NACOTAN across Gombe, Adamawa and Taraba states,” Yahaya said.

The vice president added that the intervention programme by the CBN has encouraged cotton farmers in the three states and created jobs for thousands of youth as well as resuscitated cotton ginneries in the three states.

Yahaya, who is superintending the CBN’s intervention, commended members of the association for gearing up toward meeting the goal of the apex bank to boost cotton farming in the country.