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CBN Takes First Move In Reviving Textile Industry

The Central Bank of Nigeria (CBN), under its Anchor Borrowers Programme has commenced the distribution of high-yielding cotton seeds and other farming inputs to 100,000 farmers for the 2019 planting season.

The distribution of the cotton seeds is in line with financial institution’s plan to improve the cotton and textile industry in the country from 80,000 tonnes produced in 2018 to over 300,000 tonnes by 2020.

Recall that the CBN, on how to inject a boom in the textile industry, banned forex for all forms of textile materials in the country.

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Speaking at the National Flag-off of the distribution of cotton seeds/inputs to farmers in Katsina on Monday, the CBN  Governor, Godwin Emefiele said the distribution will launch a new narrative to the industry as insufficient cotton seeds had been identified as one of the biggest challenges for cotton farmers.

 “With the launch of the distribution of high yielding cotton seeds to farmers today, we intend to change the narrative in the cotton and textile industry in Nigeria.

“With this initiative, we expect to see production of high grade cotton lint at much improved yields of up to four tonnes per hectare, relative to current cultivation rates of less than one ton per hectare. Also included in the package are fertiliser, pesticides and knapsack sprayers.”

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He explained that the anchor program will also improve farmers and ginneries relationship by ensuring that ginneries are able to offtake the high-quality cotton produced by farmers.

 “So far, 23 Ginneries, Spinners and several Textile producing firms have been identified and we intend to support them in retooling their processing plants, while providing them with improved access to finance at single digit interest rate, in order to help sustain their operations and improve their production capacity. 

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 “The same support will be extended to the Yarn spinners and textile weavers and producers.”

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