The Central Bank of Nigeria (CBN) has frozen the accounts of 15
textile smugglers across the country.
![image](/2020/10/lawreport.jpg")
Deputy Governor Corporate Services of the CBN Mr. Edward L.
Adamu made this disclosure at a stakeholders meeting of Cotton,
Textile and Garment (CTG) associations in Abuja on Thursday.
Adamu noted that CBN’s intervention in the Cotton, Textile and
Garments (CTG) industry is in full swing and has recorded
significant progress.
Some of the achievements, he said, include: over ₦120billion
invested across CTG value chain; over 320,000 farmers financed
between 2018-2020 and expected output for seed cotton in 2020 is
projected to be over 300,000 metric tons.
All these, he said, is expected to enhance the production
capacity of the ginneries in producing over 102,000 metric tons of
cotton lint which in turn will meet and surpass the cotton lint
requirement of the Textile Industries.
Currently, Nigeria’s domestic demand for cotton he said: “is met
through local production, thereby halting importation of cotton for
the textile industry, Increase in capacity utilization of ginneries
as the ginneries now operate throughout the year, compared to six
(6) months in recent past.”
In addition, he said 19 ginneries have been resuscitated across
the country; and more are expected to join this year.
Speaking to journalists at the meeting Mr. Philip Yusuf Yila,
Director Development Finance of the CBN, said the apex bank is
“working with the textiles through the Bank of Industry to see how
we can retool them and take the ginneries to the textile”
He revealed the “CBN is really collaboration with all the
agencies and the Customs. The biggest challenge is people smuggling
textiles and garments. As you are aware a lot of them have had
their accounts blocked. As restitution, we are telling them to go
patronize the local textile factories”.
With regards to uniform services patronizing local textiles,
Yila stated the CBN is “working with them. We have taken them to
all the textile companies to see that the quality meets their
standard.
“This year we are looking at over 300,000 tonnes of seed cotton
that will be ginned into lint that will be taken to the textile
companies and then we will work with the uniformed services to off
take them.”
The Central Bank of Nigeria (CBN) has frozen the accounts of 15
textile smugglers across the country.
Deputy Governor Corporate Services of the CBN Mr. Edward L.
Adamu made this disclosure at a stakeholders meeting of Cotton,
Textile and Garment (CTG) associations in Abuja on Thursday.
Adamu noted that CBN’s intervention in the Cotton, Textile and
Garments (CTG) industry is in full swing and has recorded
significant progress.
Some of the achievements, he said, include: over ₦120billion
invested across CTG value chain; over 320,000 farmers financed
between 2018-2020 and expected output for seed cotton in 2020 is
projected to be over 300,000 metric tons.
All these, he said, is expected to enhance the production
capacity of the ginneries in producing over 102,000 metric tons of
cotton lint which in turn will meet and surpass the cotton lint
requirement of the Textile Industries.
Currently, Nigeria’s domestic demand for cotton he said: “is met
through local production, thereby halting importation of cotton for
the textile industry, Increase in capacity utilization of ginneries
as the ginneries now operate throughout the year, compared to six
(6) months in recent past.”
In addition, he said 19 ginneries have been resuscitated across
the country; and more are expected to join this year.
Speaking to journalists at the meeting Mr. Philip Yusuf Yila,
Director Development Finance of the CBN, said the apex bank is
“working with the textiles through the Bank of Industry to see how
we can retool them and take the ginneries to the textile”
He revealed the “CBN is really collaboration with all the
agencies and the Customs. The biggest challenge is people smuggling
textiles and garments. As you are aware a lot of them have had
their accounts blocked. As restitution, we are telling them to go
patronize the local textile factories”.
With regards to uniform services patronizing local textiles,
Yila stated the CBN is “working with them. We have taken them to
all the textile companies to see that the quality meets their
standard.
“This year we are looking at over 300,000 tonnes of seed cotton
that will be ginned into lint that will be taken to the textile
companies and then we will work with the uniformed services to off
take them.”