The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that no fewer than 130 textile companies have died in the country in recent times due to some constraints.
Mr. Emefiele said this during a courtesy call on Gov. Aminu Masari of Katsina State on Monday.
“Textile industries used to be the largest employers of labour in Nigeria after the public service, but due to certain constraints such as smuggling, dumping, lack of access to finance and issues bordering on power, over 130 textile companies have so far perished,” he said.
Emefiele said besides that, ginners, spinners and about one million farmers who were planting cotton as their source of livelihood also lost their jobs.
“And today we are complaining about insecurity and kidnapping, the reasons for these are joblessness and hopelessness, so, we need to do something about it.
“We must revitalise the textile industry to be the largest employer of labour, we feel that we will set the stage rolling, we must come to Katsina State, which is the largest producer of cotton, to begin a process,” he said.
He also urged Nigerians to stop smuggling and dumping of cotton and textile materials in order to realise the set goal.
In his remarks, Gov. Masari said agriculture was the next sector that the state government accorded priority after education.
He said reviving the textile industry was the biggest and quickest way of solving unemployment in the country and so commended the CBN for its effort in that direction.
Masari, however, urged the CBN to review procedures for accessing loan facilities by farmers. (NAN)
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