The Central Bank of Nigeria (CBN) said it has invested N120 billion across the Cotton, Textile and Garments (CTG) industry.
The CBN Deputy Governor, Corporate Services, Mr. Edward Lamatek Adamu, stated this Thursday during a meeting with CTG stakeholders held in Abuja.
- FG shifts attention to cocoa as CBN flags off revolution loans
- CBN new response to drive women’s financial inclusion
“The CBN also said it is targeting 300,000 tons of cotton production this year.
The bank’s intervention in the Cotton, Textile and Garments (CTG) industry is in full swing and since the inception of the CTG intervention, huge progress has been made, some of which include the over N120bn invested across CTG value chain; over 320,000 farmers financed between 2018-2020; and output for seed cotton in 2020 projected to be over 300,000 metric tonnes, he said.
Mr. Adamu said the effort has led to an increase in capacity utilization of ginneries as they now operate throughout the year, compared to six months in the recent past and 19 ginneries resuscitated across the country, adding that more are expected to join this year.
He also said the war against textile smuggling is succeeding.
“We have enhanced drive toward anti-smuggling yielding results with over 15 textile smugglers’ accounts frozen across the country.