Finance

300,000 Farmers to produce 450,000 metric tons of cotton-CBN

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The Central Bank of Nigeria (CBN) on Thursday, at the meeting with State Governors, disclosed that its bid to revive Cotton, Textile and Garment (CTG) industry in Nigeria is targeted at engaging 300,000 farmers to achieve 450,000 metric tonnes of cotton in 26 states in the next three years.

CBN Governor, Godwin Emefiele explained that the means through which it intends to revive the CTG sector will be through Anchor Borrowers Programme.

The programme entails the cultivation of 200,000 hectares of hybrid cotton which is to be distributed to 200,000 farmers in 26 states of the country.

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According According to him, cotton would be cultivated in Sokoto, Zamfara, Kebbi, Katsina, Kano, Kaduna, Yobe, Borno, Adamawa, Nasarawa, Jigawa, Oyo, Taraba, Gombe, Bauchi, Kwara, Niger, Kogi, Benue, Cross River, Edo, Delta, Ekiti, Ogun and Lagos.

He also revealed that CBN spearheaded the importation of improved cotton seed, adding that 6,000 metric tonnes were imported while additional 2,000 metric tonnes of cotton seeds were sourced locally.

“The total expected yield at the end of the current season is 302,440 metric tonnes. The distribution of inputs to cotton farmers was flagged off in Katsina on May 6, this year.

“A total of 20 ginneries in seven states that include Borno, Gombe, Kano, Katsina, Kebbi, Niger and Zamfara were identified to off-take the cotton financed by the bank.

“The ginners are to sell their lint to textile factories with the ultimate objective of producing textiles to meet the needs of the members of the uniformed services.

“Funds to operationalise the ginneries has just been approved by the management of the bank to be disbursed through Bank of Industry.

“As part of the engagement process, the bank met with some stakeholders under the aegis of Cotton, Textile and Garment Implementation Committee, comprising governors of Kano, Kaduna, Kebbi States, the ministers for Agriculture, Trade and Investment, and Power to drive the achievement of our set goals.

“The bank relied on the Executive Order 003 of the Federal Government of Nigeria and engaged uniform services to buy into the CTG initiative of the bank by having locked in contracts for the procurement of uniforms, accoutrements and other accessories from Nigerian Textiles and Garments Industry,” he said.

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