Central Bank of Nigeria supports revitalization of cotton textile industry

According to the Voice of Nigeria report, the Governor of the Central Bank of Nigeria, Godwin Emefiele, signed a memorandum of understanding with relevant stakeholders such as the Nigeria Cotton Textile and Garment Association to support the revitalization of the cotton textile industry. He revealed to the media that at least 50 billion naira (approximately $163 million) is needed to support cotton planting and ginning. If the textile and clothing industries are included, the entire industry chain will require more than 100 billion naira (approximately $326 million). USD) support. These funds can help factories purchase modern technology and update modern equipment so that they can produce high-quality products required by the market, thereby enhancing control over the entire cotton spinning industry chain, creating employment opportunities, and revitalizing the domestic economy. In addition, he said the central bank supported the federal government’s policy of closing land borders to combat smuggling.