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COMFORT EKELEME
The Federal Government has placed foreign exchange restrictions on the importation of textile and other materials in the cotton value chain in order to revive the industry.
Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who disclosed this Tuesday in Abuja at a meeting of stakeholders in the Cotton, Textile and Ginning value chain, said the promising sector must be encouraged to strengthen the economy.
Emefiele stated that the apex bank would offer financial assistance to the sector at single digit interest rate and also support local growers of cotton to meet local needs.
The Governor noted that the country spends $4billion annually on importation of textile materials, whereas the local market is valued at 10 billion dollars yearly.
He regretted that the textile industry which in the 80s and 90s had 180 companies with a workforce of 450,000 has collapsed to only 25 operating firms with 20,000 staff operating at less than 20 per cent of installed capacity over the past 20 years.
Responding on behalf of the stakeholders, National President of National Cotton Association of Nigeria, Anibe Achimugu, commended the CBN for the support, while calling for timely intervention in order to meet the planting season in May.
He also denied rumours that he has been sacked arguing that his tenure expires in June this year and will continue to work.
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