CBN gov sets up panel to revive 50 textile firms

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The Central Bank of Nigeria is targeting to revive at least 20 textile companies before the end of the 2019 fiscal period.

The move is contained in the technical cooperation proposal for revamping the cotton, garment and textile sector in Nigeria.

The proposal was made available to our correspondent shortly after the inauguration of the textile implementation committee.

The committee was inaugurated by the CBN Governor, Mr Godwin Emefiele, on Thursday in Abuja.

Present at the event was the Governor of Kano State, Abdullahi Ganduje, and the Deputy Governors of Kaduna and Jigawa states, among other stakeholders in the CTG sector.

The committee, according to the proposal, is saddled with the responsibility to resuscitate at least 50 textile firms by the end of 2023. The committee is also expected to collaborate with stakeholders to identify, name and shame textile smugglers in Nigeria as well as develop a framework for the eradication of smuggling and dumping of textile products into Nigeria.

The committee would also facilitate the production of 200,000 hectares of cotton fields by 2020 and maintain an annual increase of 100,000 hectares over the next three years.

Other tasks of the committee include to determine power requirements by the textile hubs in each state; develop a framework for the production, transmission and pricing of power within the hub; and facilitate collaboration among all related agencies to ensure compliance with regulations.

It is also expected that the committee would work assiduously to deliver a minimum of 50 megawatts of captive power to CTG firms in the interested states by 2021, and facilitate the effective pricing and delivery of gas, black oil and diesel to CTG firms in Lagos and other interested states.




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