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CBN claims over N120 billion spent on 320,000 farmers in four years

BY David Oladele

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CBN Governor
Governor, CBN, Godwin Emefiele

The Central Bank of Nigeria (CBN) has announced that it has spent over N120 billion across the Cotton, Textile and Garment (CTG) sector, with over 320,000 beneficiaries (farmers) financed between 2016-2020.

The CBN reported this via its official Twitter handle on Thursday, October 15. This is in line with the diversification agenda of the present federal government, as enshrined in the Economic and Recovery Growth Plan (2017-2020).

According to the report, CBN Interventions in Cotton Textile and Garment sector is designed to resuscitate and return the Textile industries back to its glory days, creating jobs, diversifying Nigeria’s economy and achieving self-sufficiency in cotton production.

Over N120b invested across CTG value chain with over 320,000 farmers financed between 2016 – 2020.

The expected output for seed cotton in 2020 is projected to be over 300,000 metric tons. Enhance production capacity of Ginneries to over 102,000 metric tons of cotton lint which is expected to meet and surpass the cotton lint requirement of our Textile industries. 19 Ginneries resuscitated across the country and more expected to join before the end of 2020.

Meanwhile, the CBN had disclosed that it was planning to invest over N100 billion in the CTG value chain, saying it has the potential to create nothing less than 2 million jobs and save the nation about $4 billion of our hard-earned forex on import bills annually.

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