The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele said on Tuesday that more than N100 billion investment is required to revive Nigeria’s Cotton, Textile and Garment (CTG) industry.
The governor said this while signing a Memorandum of Understanding (MoU) with the sub-sector stakeholders in Abuja.
Emefiele explained that cotton farming and ginneries alone required up to N50 billion as intervention.
He said some garment factory owners had approached banks for credit facilities to help retool and do more of sewing of garments.
“It is not about the money, the most important is about the fact that we seize this opportunity to create jobs.
“We seize this opportunity for the industries that moribund and dead to come alive again in Nigeria and by extension helps to grow the Gross Domestic Product (GDP) of the country.
“We are happy that we are effectively taking control of the entire CTG value chain, from the production of Cotton to the finished products which are textiles and garments.
“CBN and Bank of Industry are ready to finance this sub-sector to help purchase modern technologies to enable them to produce the required quality products”, he said.