The Central Bank of Nigeria (CBN) has signed an agreement with Nigeria Cotton Association of Nigeria, Ginners Association of Nigeria as well as Nigerian Textile and Garment Manufacturers Association on the new initiatives to grow the sector.
The agreement was also signed by the Nigerian Armed forces, Nigerian Police force, Paramilitary institutions, The National Youth Service Corps and some other uniform organisations that have been ordered to patronise local textile for their uniforms.
Local media reports on Wednesday said that Mr. Godwin Emefiele, Governor of CBN, who signed on behalf of the apex bank, promised to inject $330 million into the sector.
Emefiele, however, said that smuggling “must be dealt’’ with to effectively and successfully revive the Cotton, Textile and Garment (CTG) sub-sector of the economy.
The reports added that at the signing of Memorandum of Understanding (MoU) with the critical stakeholders in the CTG sub-sector in Abuja on Tuesday, Emefiele said that smuggling had been identified as one of the main challenges killing the textile and garment industries.
He stated that there was no way that jobs could be created with smuggling and dumping thriving in the country.
He said he had since directed that accounts of identified smugglers be frozen in all the banks.
The governor also commended the Federal Government on the closure of the country’s borders, adding that the benefits were unprecedented.
“Smuggling of textiles goods alone is estimated to have cost the nation an import bill of over $4 billion annually on textiles and apparel.
“Today’s MOU signing sets a significant milestone for enforcement of Mr. President’s Executive Order 003 as well as foster closer business collaboration among these stakeholders on a sustainable basis,’’ he said.
MM/GIK/APA