Not less than N120 billion has been spent by the Central Bank of Nigeria (CBN) across the Cotton, Textile and Garment (CTG) sector, with over 320,000 beneficiaries (farmers) financed between 2016-2020.
This was disclosed by the CBN via its official Facebook page 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).
The report read: 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.
Recalls that the central bank 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.
Earlier, Naijtech reported that the number of beneficiaries under the Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS) Loans have increased to14,638 applicants.
This was contained in a statement released by the Central Bank of Nigeria (CBN) on its last Monetary Policy Committee (MPC) meetings.
The CBN stated that it has disbursed a total of N3.5 trillion in interventions in the wake of the COVID-19 pandemic as of September 22, 2020.