Violators names to be publicized, blacklisted by banks
Emefiele disclosed that, “After our investigations, the names of these individuals and companies will be publicized and let me assure everyone that these individuals and companies will be blacklisted and all the banks in Nigeria shall be barred from conducting any banking business with the companies, their owners and top management.”
“It is no secret that the past 20 years have been very difficult for the cotton, textiles and garment sector. Farmers and Processors have had to deal with low quality seeds, rising operating cost and weak sales due to high energy cost of running factories, smuggling of textile goods, and poor access to finance. Smuggling of textiles goods alone is also estimated to cost the nation over $2.2bn annually.
“If we are serious or determined in our drive to create jobs on a mass scale and reduce youth restiveness in Nigeria, the cotton, textiles and garments industry cannot be ignored. Consequently, the current trend where all our textile materials are imported from abroad must stop. It also means that, we must all join hands to fight and destroy all attempts by unscrupulous persons and companies to continue to smuggle and dump textile and garments into Nigeria,” he added.
He said in addition to a focus on key macroeconomic concerns such as lower inflation and exchange rate stability, he believed that the Central Bank ought to play a more important role in supporting Nigeria’s economic development, given the constraints faced by rural farmers, SMES and Manufacturing companies.
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