Edward Adamu, deputy governor of the Central Bank of Nigeria, said that the bank will invest more than 120 billion naira in the cotton, textile, and garment value chains to assist industrial upgrading. The bank has provided financing to 320,000 farmers since 2018, and the output is expected to reach 300,000 metric tons in 2020 to meet the demand for cotton raw materials for the development of the domestic textile industry.
He emphasized that President Buhari of Nigeria is committed to developing agriculture and hopes to ensure food security, create jobs and stabilize Nigeria’s economic development. The revitalization of the textile industry will help Nigeria’s economic development, Suppress smuggling, textile dumping and help accumulate foreign exchange reserves, etc. Mr. Yila Yusuf, director of the Financing Department of the Central Bank of Nigeria, also said that rampant textile smuggling also affects the competitiveness and status of the textile industry. The Central Bank of Nigeria will be committed to assisting local manufacturers in increasing the value of their products.
