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CBN plans to revive 20 textile companies

Published

6 years ago

May 16, 2019

CBN plans to revive 20 textile companies

Plans are underway by the Central Bank of Nigeria (CBN) to revive at least 20 textile companies before the end of the 2019.

The apex bank had taken the first step in the journey to revive the sector with the flag-off of input distribution to 100,000 cotton farmers, as well as cultivating 100,000 hectares in 23 states of the federation.

To realize this ambitious dream, the CBN Governor Mr. Godwin Emefiele has inaugurated the Textile Revival Implementation Committee.

Members of the committee are drawn from the CBN, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Kaduna State, Federal Ministry Power Works and Housing, Nigeria Customs Services, Federal Ministries of Finance and Agriculture and Rural Development, Ministry of Industry Trade and Investment and Nigerian Export Promotion Council.

The committee which was inaugurated on Thursday in Abuja was charged by the CBN Governor to resuscitate at least 50 textile firms by the end of 2023; collaborate with stakeholders to identify, name and shame textile smugglers in Nigeria as well as develop a framework for eradication of smuggling and dumping of textile products into Nigeria, facilitate the production of 200,000 hectares of cotton fields by 2020 and maintain an annual increase of 100,000 hectares over the next three years.

The Committee is also expected to “work assiduously to deliver a minimum of 50 megawatts of captive power to Cotton, Textiles and Garment (CTG) firms in the interested states by 2021, and facilitate the effective pricing and delivery of gas, black oil and diesel to CTG firms in Lagos and other interested states to enhance their power generation and consumption.”

Speaking at the event, the CBN Governor lamented that “the CTG sector within the last 20 years had suffered a lot of difficulties especially, low cotton production, poor power and transport infrastructure, obsolete production lines, smuggling and counterfeiting, inadequate local patronage, high cost of production, and multiple taxation among others.

According to Emefiele, “smuggling of textile goods alone has been estimated to cost the nation over $2.2 billion. Today, most of the textile factories have all stopped operations and the workforce in Nigeria’s textile industry stands at less than 20,000 people. In addition, a large proportion of our clothing materials are imported from China and countries in Europe.”

Speaking on the rationale behind the inauguration of the textile revival committee, Emefiele noted that “a consolidated approach of this magnitude will afford us economies of scale, synergy in resource utilization and provide a holistic solution to harnessing the potentials of the CTG sub-sector in Nigeria.”

He was optimistic that “the CBN would resuscitate the cotton belts nationwide and grow the value chain till the last mile of textile production. We will need to set timelines for these deliverables and charge the technical committees to develop road maps that must be achieved within the set timelines,” he added.

The Nation.

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NSF: Oparaoji, Ekpeyong, Quadri Gear Up for Tough Quarterfinal Clashes in Abeokuta

Published

2 weeks ago

May 23, 2025

The Gleamer

Joel Ajayi

The tennis courts at the ongoing National Sports Festival in Abeokuta are buzzing with intensity as the competition hits the quarterfinal stage in both the men’s and women’s singles events, following a gripping round of 16.

Men’s Singles Quarterfinals:

Abubakar Yusuf of FCT will square off against Rivers State’s Abua Canice. Yusuf booked his spot with a 4-0, 4-2 win over Ehigiamusoe Endurance of Edo, while Canice cruised past Azi David 4-1, 4-0.

Bayelsa’s Uche Oparaoji faces Adeleye Daniel of Ekiti in a clash of skill and strategy. Oparaoji outclassed Urenyang Nuhu of Taraba 4-1, 4-2, just as Adeleye powered past Kaduna’s Ibrahim Sulaiman with the same scoreline.

In one of the most anticipated ties, Danjuma Lucky (FCT) will lock horns with Bayelsa’s top seed David Ekpeyong. Danjuma came through a thrilling contest against Ekiti’s Abamu Matthew, rallying to win 1-4, 4-2, 10-5, while Ekpeyong dominated Taraba’s Rubi Toba 4-0, 4-2.

Home favourite Christopher Bulus of Ogun will battle Edo’s Michael Chima for a semifinal ticket. Bulus swept past Rivers’ Timibra Godsgift 4-1, 4-0, while Chima triumphed over Delta’s Iloputa Ikechukwu in a straight-set win.

Women’s Singles Quarterfinals:

Delta’s Barakat Quadri, fresh off a 4-1, 4-0 win over Rebecca Ekpeyong of Bayelsa, will face rising star Emmanuel Bright of the IJA (Invited Junior Athletes), who overcame Rivers’ Maxwell Timipre 4-2, 5-3.

Edo’s Omotayo Blessing will battle Akwa Ibom’s Udoffa Mary in what promises to be a fiery encounter. Omotayo brushed aside Ekiti’s Adeusi Jesutoyosi 4-0, 4-1, while Udoffa outplayed Moses Favour of Kaduna 5-3, 4-0.

Elsewhere, Ogunjobi Success of Ekiti will test her mettle against Aina Goodnews of IJA, and Akwa Ibom’s Etoro Bassey faces Ogun’s Yakubu Ohunene in a South-South vs South-West showdown.

With the quarterfinals locked in, tennis fans are in for a thrilling ride as the battle for medals intensifies under the Abeokuta sun.

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