CBN discusses with stakeholders on revamping textile industry, economic diversification

The Central Bank of Nigeria (CBN) has engaged Stakeholders in the Cotton, Garment and Textile (CTG) industry on how to revamp the industry towards economic diversification and sustainable growth.
The stakeholders, representing different associations within the industry, commended the apex bank for its support and commitment towards growing the sector.
The meeting was called to appraise past efforts towards revamping the industry and to chart a way forward.
Mr Godwin Emefiele, the CBN Governor, said that the CTG industry is integral to Federal Government’s plans for economic diversification and job creation.
In a speech delivered on his behalf by Lamtek Adamu, Deputy Governor in charge of Corporate Services, Emefiele said that the CBN is committed to offering the required support to return the textile and garment industry to its old glory.
He urged the stakeholders to brainstorm and come up with practical solutions to challenges facing the sector.
” The economic significance of the textile and garment industry in Nigeria cannot be over emphasised. In the past we used to have a vibrant textile industry employing hundreds of thousands of people, but now it is a shadow of itself.
“CBN is committed to revamping the sector. Our efforts have started yielding results but we need to grow the sector faster,’ ‘ he said………TO CONTINUE READING CLICK ON

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