Home BUSINESS Central Bank Moves To Revive Textile Sector, Involves Armed Forces, Others

Central Bank Moves To Revive Textile Sector, Involves Armed Forces, Others

The Central Bank of Nigeria (CBN) has made a move towards reviving textile industry in Nigeria by facilitating the signing of two memoranda of understanding (MOU) among stakeholders in the Cotton, Textiles and Garments (CTG) sector.
A statement from the apex bank today, October 29, said that the signing of MoU was a major move towards complying with the Executive Order 003, which directs all Ministries, Departments and Agencies (MDAs) to grant preference to local content in their procurement of goods and services.
The statement said that the first MoU was between the National Cotton Association of Nigeria (NACOTAN) and Ginning Companies, to guarantee steady off-take and processing of cotton lint and cotton seeds; while the second was between the Nigerian Textile Manufacturers Association and the Armed Forces of Nigeria, Nigeria Police, Paramilitary Institutions and National Youth Service Corps to facilitate long-term contracts with Textile and Garment companies to manufacture uniforms in Nigeria for  use by various arms of  Nigeria’s uniform services.
It quoted the CBN governor,  Godwin Emefiele as saying at the ceremony held at the Bank’s Head Office in Abuja, as having expressed satisfaction that all stakeholders had keyed into the vision of President Buhari to grow and develop Nigeria’s agricultural sector and the wider economy.
The governor recounted efforts made by the CBN, in collaboration with other agencies and advised participants to collaborate closely in ensuring the patronage of local textile and garment factories in procurement of uniforms.
He gave assurance that the CBN would work with the security agencies alongside concerned textile and garment factories “to ensure that the finished products as well as wastes are treated as currency -with highest level of security until they are delivered to the right clients or disposed accordingly.”
Emefiele expressed confidence that the signing of the MOU would resuscitate the CTG sector as well as support the Bank’s efforts at creating jobs for many Nigerians.
The ceremony attracted four State Governors of Kaduna, Cross River, Gombe and Katsina state; two ministers and Service Chiefs as well as Heads of Uniformed Services and labour leaders.
The programme manifested after almost two years of painstaking activities and consultations with key stakeholders in the CTG value chain.
In their various remarks, the Governors of Cross River State, Prof. Ben Ayade and his Gombe State counterpart, Alhaji Muhammad Inuwa Yahaya as well as the Deputy Governor of Katsina State, Mannir Yakubu, concurred in describing the CBN initiative as a revolution, which should be supported by all to ensure the country achieved the objective of completely resuscitating the CTG sector.
Also speaking, the Minister of Interior, Rauf Aregbesola stressed the need for all Nigerians to support every move aimed at conserving foreign exchange for the country, for the overall good of the economy.

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