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CBN plans to revive 20 textile companies

Published

5 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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FG to Harness the Digital Economy to Empower Youth

Published

2 days ago

April 17, 2024

The Gleamer

Joel Ajayi

The Honourable Minister of State for Youth Development, Mr Ayodele Olawande has disclosed that the Federal Government is making efforts to harness the potentials of the digital economy in empowering the youth and creating sustainable jobs.

He made this disclosure in Abuja when he received the participants of the Senior Executive Course 46, 2024 of the National Institute of Policy and Strategic Studies, (NIPSS), Kuru, Jos, Plateau State who were on study tour to the Ministry.

Mr Olawande said over 50% of the population below the age of 30 have a significant demographic advantage in the digital age.

“Our youths are tech-savvy, innovative and eager to contribute to the country’s economic growth. However, they face numerous challenges including limited access to quality education, skills training and job opportunities.

The digital economy offers a unique opportunity for Nigeria to leapfrog traditional development challenges. With the rise of e-commerce, digital payments and remote work”. “Our youths can assess global markets, skills training and job opportunities like never before,” he added.

According to the Minister, challenges hindering the growth of the digital economy in Nigeria must be addressed.
He explained that to overcome the challenges, the Ministry has implemented initiatives such as digital skills training programs for youths, focusing on areas like software development, data analytics and digital marketing especially in the NYSC.

This, he disclosed is alongside partnering with Galaxy Back Bone to improve infrastructure, Internet connectivity and alternative electricity supply as well as funding opportunities such as grants, loans and venture capital for startups of small businesses with launching of the National Youth Investment Fund.

The Honourable Minister who hinted that the Ministry’ s goal is to create an ecosystem that supports entrepreneurship and employment opportunities for youth stated: ” We recognise that sustainable job creation is critical to Nigeria ‘s economic growth and stability”

”I urge you all to join us in this journey to harness the potential of the digital economy for youth empowerment and sustainable job creation in Nigeria.”, he added.

Mr Olawande further said that the opportunities and challenges underscore the need for a collaborative effort from all stakeholders to harness the potential of the digital economy for sustainable development.

The Minister who observed that there is a gap between the Government and the young people expressed his heartfelt desire for the Youths of the nation to feel the Government. He opined that the country has the most intelligent youths in the world.

Earlier, the leader of the delegation from NIPSS, Barrister Nima Salman Mann, mni said they are in the Ministry to research, proffer solutions, recommendations and strategies to help Government chart its course for the the year, with the theme : ‘Digital Economy, Youth Empowerment and Sustainable Job Creation in Nigeria: Issues, Challenges and Opportunities’.

.She also added that Ministry of Youth Development is very germane to this year’s theme .” We are with the Ministry of Youth to listen to what you are doing to help the youth, how you are doing it, strategic plans and way forward as well as how we can use the digital economy to chart the goal for sustainable job creation,” she concluded.

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