According to a report by “Voice of Nigeria” on June 3, Emefiele, Governor of the Central Bank of Nigeria, said that due to the intervention of the Central Bank of Nigeria in the cotton, textile and garment sector (CTG) , has created more than 620,000 direct and indirect employment opportunities in 2 years.
Emefiele said the measures include disbursing more than 44 billion naira for the entire industry chain during 2019-2020 and monitoring the recovery during this period Condition.
CBN also increased cotton gin plant capacity from an average of 19% to 51%: the textile industry obtains the main raw material (cotton lint) at a price 25.8% below the market price, to carry out clothing processing; CBN’s cooperation with the military and police departments has prompted at least five institutions to cooperate with local textile manufacturers; CBN also supports the recovery of some textile companies on the verge of bankruptcy. </p
