Plans are underway by the Central Bank of Nigeria to revive at least 20 textile companies before the end of the 2019.
To realize this ambitious dream, the CBN Governor Mr. Godwin Emefiele has inaugurated the Textile Revival Implementation Committee. The committee which was inaugurated on Thursday in Abuja was charged by the CBN Governor to resuscitate at least 50 textile firms by the end of 2023; collaborate with stakeholders to identify, name and shame textile smugglers in Nigeria as well as develop a framework for eradication of smuggling and dumping of textile products into Nigeria, 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.
Speaking at the event, the CBN Governor lamented that “the CTG sector within the last 20 years had suffered a lot of difficulties especially, low cotton production, poor power and transport infrastructure, obsolete production lines, smuggling and counterfeiting, inadequate local patronage, high cost of production, and multiple taxation among others.”According to Emefiele, “smuggling of textile goods alone has been estimated to cost the nation over $2.2 billion.