CBN sets up panel to revive 50 textile firms

The Central Bank of Nigeria has planned to revive 20 textile companies before the end of the year.

To this, the Apex Bank Governor, Godwin Emefiele introduced Textile Revival Implementation Committee.

The CBN had commenced input distribution to 100,000 cotton farmers, as well as cultivating 100,000 hectares in 23 states of the federation.

The committee was charged to revive at least 50 textile firms by the end of 2023 and remove smuggling and dumping of textile products into Nigeria.

It is expected to deliver a minimum of 50 megawatts of captive power to Cotton, Textiles and Garment firms in the interested states by 2021.


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