Nigerian Central Bank 120 Billion Naira Revitalizing Textile Industry
Edward Adamu, vice president of the Central Bank of Nigeria, said the bank would invest more than 120 billion naira in the value chain of cotton, textile and clothing to help upgrade the industry. Since 2018, the bank has provided 320000 farmers with financing, and its output is expected to reach 300000 tons in 2020 to meet the demand of cotton raw materials for the development of domestic textile industry.
He stressed that President Buhari of Nigeria is committed to developing agriculture, hoping to ensure food safety, create jobs and stabilize Nigeria's economic development. The revitalization of the textile industry will help Nigeria's economic development, curb smuggling, textile dumping and help accumulate foreign exchange reserves. Mr. Yila Yusuf, director of financing of the Central Bank of Nigeria, also said that the rampant textile smuggling also affected the competitiveness and status of the textile industry. The Nigerian central bank will be committed to helping local manufacturers to make their products more valuable.
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