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Industry News | Time: Nov 7 2019 11:24AM
Central Bank of Nigeria supports the revitalization of cotton textile industry
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According to the Voice of Nigeria report, Godwin emefil, President of the Central Bank of Nigeria, signed a memorandum of understanding with Nigeria cotton textile, apparel association and other relevant stakeholders to support the revitalization of the cotton textile industry. He said that it needs at least 50 billion Naira (about $163 million) to support cotton planting and ginning, and more than 100 billion Naira (about $326 million) to support the entire industrial chain if the textile and apparel industry is added. These funds can help the factory to purchase modern technology and update modern equipment, so that it can produce high-quality products required by the market, and then enhance the control of the entire cotton textile industry chain, create employment opportunities, and revitalize the domestic economy. He also said the Central Bank supported the federal government's policy of closing land borders to combat smuggling.
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