Many textile industries closing shop -CBN Governor .Says sector has capacity to create 2million jobs if…

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Many textile industries closing shop -CBN Governor

.Says sector has capacity to create 2million jobs if…

By Joel ThankGod (Financial Business, Abuja)

The Governor, Central Bank of Nigeria, CBN, Mr Godwin Emefiele has said that many textile factories operating in the country are closing shop.

Emefiele made this known at the meeting with Service Chiefs and stakeholders in textile industries yesterday in Abuja.

He revealed that, at present about 25 textile factories are operating in Nigeria, even as their production capacity is below 20 per cent.

According to him, the workforce in Nigeria’s textile industry now stands at less than 20,000 people.

The CBN Governor also revealed that the textile industry in Nigeria has the capacity to create over two million jobs and to reduce $4.0 billion import bill incurred annually on textile, if needed patronage is given.

Speaking further on revenue collection, the CBN Boss explained that if Nigerians patronise the local textile industry well, Nigeria can become a global player in textile, thereby earning more foreign exchange for the economy.

This, he said, could also bring more economic benefits to sub-national governments in area of internal revenue generation.

To him, government efforts at revamping the textile industry would be hindered, if the industry does not get enough support from local patronage, as well as other incentives necessary to boost productivity now and in the long-run.

He pointed out steps taken so far to rejuvenate the industry, to include Wet Season Cotton Input Distribution to 150,000 farmers in Katsina State, under the Anchor Borrowers’ Programme. These, he said, are cultivating over 180,000 hectares of cotton to be used in production of high quality textile for use by armed forces and other uniformed service organisations in the country.

He added, “Production is on-going across 23 states of Nigeria with more to come onboard in the next planting season.

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