The Central Bank of Nigeria, CBN, Governor, Mr Godwin Emefiele, has said that the bank aims at empowering the cultivation of 80, 000 hectares of cotton in 2021.
The apex bank stated that this will be with an average output of 120, 000 metric tonnes at 1.5 metric tonnes per hectare.
Emefiele made this known on Thursday in a series of tweets on CBN official handle, while commending stakeholders in the Cotton, Garment and Textile (CTG) sector for their efforts to resuscitate the sector for economic growth.
He said that the textile sector was capable of creating jobs and improving government’s revenue drive if made to operate optimally.
He said that CBN was on a journey to resuscitate the sector with a plan to increase cotton production, capacity of gunneries and textile companies in the country.
“CBN will be working with associations that have repaid at least 70 per cent of their existing loans to cultivate about 80,000 hectares of land with an average output of 120,000 metric tonnes at 1.5 metric tonnes per hectare.
“We commend stakeholders for their relentless commitment to the collective efforts at resuscitating the CTG sub-sector in Nigeria.
“We will ensure self-sufficiency in cotton production and create jobs, while enhancing the skills of Nigerians across the value-chain of cotton production.
“Textile industry in Nigeria today is capable of an average output of between 150,000 metric tonnes and 300,000 metric tonnes with a ginning capacity of 650,000 metric tonnes at 80 per cent capacity utilisation,” he said.
CBN on June1, engaged with CTG stakeholders to appraise past efforts at resuscitating the sector and chart a way forward.
The stakeholders, representing different associations within the sector also commended the apex bank for its support and commitment toward growing the sector.