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The Central Bank of Nigeria (CBN) said its involvement in the Cotton, Textile and Garments (CTG) industry has resulted in the funding of 320,000 farmers across the entire CTG value chain. The apex bank stated that N120 billion has been invested in the CTG sector which is expected to assist in reaching and exceeding the cotton lint requirement for the country’s textile industry.

This was disclosed in Abuja by the deputy CBN governor, corporate services, Edward Adamu at a CTG stakeholder’s meeting.

He said 320,000 farmers were funded between 2018 and 2020 and the estimated output for seed cotton in 2020 is projected to be around 300,000 metric tonnes.

The Bank’s intervention in the CTG sector is created to revive the nation’s textile industries to its past glory while also creating jobs, diversifying Nigeria’s economy and stabilizing cotton production.

The deputy governor said the fight against smuggling was producing positive results, adding that over 15 textile smugglers’ accounts have been frozen across the nation.

He said this anti-smuggling campaign will help Nigeria reduce and eradicate smuggling of textile goods, therefore improving the textile industry.