CBN Inaugurates Committee to Revive 50 Textile Firms by 2023

FG Releases Primary/Secondary School Calendar for the 2019/2020 Academic Session - Click Here for Details

The Central Bank of Nigeria (CBN) has set up a committee for the revival of the country’s cotton, textile and garment industry, with the mandate to revive and set up a minimum of 50 textile firms by 2023.

The apex bank had in March announced an immediate restriction of textile importers from accessing foreign exchange from the official windows in a clear bid to discourage further importation.

CBN Governor, Mr. Godwin Emefiele, while inaugurating the committee Thursday, expressed concern that the country loses $2 billion annually to textile smuggling and export, stressing that it was time the country revived the sector in order to take advantage of the massive opportunities therein.

Read Also  Ambode presents 2018 Budget on Monday

He said the Textile Revival and Implementation Committee (TRIC) had the responsibility of resuscitating the country’s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters.

Read Also  Ekiti, Other 13 States Can't Survive Without Federal Allocation - Report (See List)

The Kano State Governor, Abdullahi Ganduje, Kaduna State Deputy Governor, Bala Barnabas, and Jigawa State Deputy Governor, Ibrahim Hassan were present at the inauguration.

Details later…

Click Here to Join Newsnow Nigeria WhatsApp Group for Breaking News Alerts More News

Follow Us on FACEBOOK, TWITTER

Read Also  Honeywell Group Vs. Ecobank: Bank Insists Debt Must Be Paid

Do You Know Nigeria? Attempt 10 simple questions on Nigeria for FREE and Win FREE N500 Airtime - Click Here to Participate!

For your news articles, press release, Breaking News, send e-mail to [email protected]

Get the latest BREAKING NEWS inside your e-mail address inbox; fill the form below and click the subscribe button