• June 14, 2021

Emefiele: CBN Set To Empower Cultivation Of 80,000 Hectares Of Cotton

=== (AGENDAWATCHDOG) === Mr Godwin Emefiele, Gov. of CBN has announced plans by the apex financial services institution to empower the cultivation of 80, 000 hectares of cotton in 2021, adding that this will be with an average output of 120, 000 metric tonnes at 1.5 metric tonnes per hectare.

The CBN boss made this known on Thursday via a series of tweets on the bank’s verified handle, while commending stakeholders in the Cotton, Garment and Textile (CTG) sector for their efforts to resuscitate the sector for economic growth.

Emefiele said that the textile sector was capable of creating jobs and improving government’s revenue drive if made to operate optimally, adding that the CBN was on a journey to resuscitate the sector with a plan to increase cotton production, capacity of gunneries and textile companies in the country.

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He added that the Textile industry in Nigeria today is capable of an average output of between 150,000 metric tonnes and 300,000 metric tonnes with a ginning capacity of 650,000 metric tonnes at 80 per cent capacity utilization.

The CBN on June 1, engaged with CTG stakeholders to appraise past efforts at resuscitating the sector and chart a way forward.

PROJECTED IMPACT: The move will ensure self-sufficiency in cotton production and create jobs, while enhancing the skills of Nigerians across the value-chain of cotton production.

Agenda Watchdog

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