CBN To engage 300,000 farmers to produce 450,000 metric tons of cotton

The Central Bank of Nigeria (CBN) says its current effort to revive Cotton, Textile and Garment (CTG) industry is targeting at engaging 300,000 farmers to achieve 450,000 metric tonnes of cotton in 26 states in the next three years.

The CBN Governor, Mr Godwin Emefiele, disclosed this at a meeting to brief some state Governors and the media on the feat recorded so far in ensuring economic growth in Abuja on Thursday.

Emefiele explained that in efforts to revive the CTG sector through Anchor Borrowers Programme, the bank had commenced the cultivation of 200,000 hectares of hybrid cotton to be distributed to 200,000 farmers in 26 states in the country.

He said the states where cotton would be cultivated were 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 disclosed 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.

The CBN governor added that the bank championed the drafting and adoption of a Memorandum of Understanding (MoU) between major stakeholders that included members of the Armed Forces of Nigeria, Nigeria Customs Services, Nigeria Police, Nigeria Correctional Services, Nigeria Security and Civil Defence Corps, and National Youth Service Corps (NYSC).

Source: Vanguard