The Central Bank of Nigeria (CBN) has set up a committee for the revival of the country’s cotton, textile and garment industry.
Speaking at the inauguration of the Textile Revival and Implementation Committee (TRIC) in Abuja on Thursday, the Governor of the CBN, Mr. Godwin Emefiele said that the target was to revive and set up at least 50 textile companies by 2023.
“Nigeria remains a big market for textile industry. We need to reclaim this industry from smugglers. We need the support of customs and other authorities,” he said.
He said that the committee would have 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.
According to Emefiele, if this happens, the over $2 billion annual loses to textile smuggling will be reversed.
The report by a local newspaper, the Daily Trust on Friday said that the CBN would partner the Nigerian Customs Service to curb smuggling of textile goods; ensure general reduction of cost of doing business by eliminating multiple taxation as well as ensure zero percent duty for machineries needed by the textile industry.
GIK/APA