The Central Bank of Nigeria, CBN Governor Godwin Emefiele has said that the Apex Bank is looking at injecting 100 billion naira as its intervention in the Cotton, Textile and Garment value chain.
The Bankers’ bank has already distributed about 50 billion naira to the cotton and ginning components.
Also President Muhammadu Buhari had on Wednesday directed the Central Bank to inject money into the sector for the local production of textiles and garments
The President said the cotton, textile and garment sector had the capacity to transform Nigeria’s economy and refine the sector to bring about an industry capable of creating more than two million jobs.
Emefiele spoke after the signing of a Memorandum of Understanding MoU between the National Cotton Association of Nigeria, Ginning Companies and Nigerian Textile Manufacturers Association and Armed Forces of Nigeria, Nigeria Police, Paramilitary Institutions & National Youth Service Corps also in Abuja.