CBN Governor Seeks Financial Support For Cotton Producers
The Governor of the Central Bank of Nigeria, Godwin Emefiele, is seeking financial support from the Apex bank for cotton producers at a single digit rate.
He stated this at a meeting on Tuesday with cotton producers in Abuja.
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Mr Emefiele used the opportunity to warn commercial banks and Bureau the Change operators to desist from giving importers of textile material access to foreign exchange.
According to him, the restriction will help revive the nation’s cotton industry.
He noted that textile companies in the country operate below 20 per cent of their production capacities and its workforce now at 20,000, describing the intervention by the CBN as timely.
He said the CBN will help the sector to contribute to the nation’s socio-economic development.
Nigeria had about 180 textile mills in the early 70s and 80s which provided jobs for over 450,000 people but now the textile mills have closed down, many have lost their jobs and the nation now depends on importation of textiles to meet its growing need for clothing.
But this will change with the support from the CBN.