The Nigerian Textile industry produced 10 million yarn materials in 2020 despite the COVID-19 pandemic and widespread insecurity.

Godwin Emefiele, Governor, Central Bank of Nigeria disclosed that the apex bank financed over 278,500 hectares in 2019 and 2020 with over 90,000 metric tons of cotton seed harvested.

In addition, nine ginneries were brought back to life and ginned cotton all year round for the first time in 10 years.; over 620,000 direct and indirect jobs created in two years; while the industry capacity of the ginneries increased from an average of 19 per cent to 51 per cent.

Emefielerevealed that the textile sector got 100 per cent of their major raw material (cotton lint) at a CBN-subsidized rate of N440,000 as against the market price of N593,000 and that uniformed Services have started patronizing made-in-Nigeria textiles for their uniform.

Between 2019 and 2020, a memorandum of understanding was signed among critical stakeholders across the value chain, including cotton farmers, ginneries, textile and garment companies and end-users of cotton products and this has led to at least 5 agencies partnering with local textile manufacturers, said Emefiele.

For the 2021, the Bank plans to involve ginneries inbackward integration by cultivating an average of 53,100 hectares with an estimated output of 106,200 Metric tons at two metric Tons per hectare.

The Bank is also working with existing prime anchors for 10,000 hectares of land with an estimated output of 20,000 metric tonne, Emefiele declared while adding that CBN will be working with associations to cultivate about 80,000 hectares of land with an average output of 120,000 Metric tons at 1.5 Metric Tons per hectare.

He reiterated that CBN remained committed to ensuring the successful implementation of the CTG program across the country and will continue to dedicate appropriate resources to driving its implementation.