To encourage local textile production, the apex bank also threatened to blacklist individuals, banks and companies involved in illegal textile importation.
The CBN governor identified insufficient cotton seeds as one of the major challenges cotton farmers face in the country. Mr Emefiele said the package included fertiliser, pesticides and knapsack sprayers, while the National Cotton Association of Nigeria will ensure compliance of its members with the stipulated terms for the support to be provided to farmers.
He recounted that the industry was supported by the production of cotton by 600,000 local farmers across 30 of Nigeria’s 36 states, with thousands of ginnery workers who processed the cotton from farmers, and a large number of distributors selling the finished clothes to consumers. A large proportion of clothing materials, he said, were now being imported from China and countries in Europe
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