Nigeria Central Bank Supports Cotton Textile Industry Revitalization

According to the voice of Nigeria, Godwin Emefil, President of the Central Bank of Nigeria, signed a memorandum of understanding with the Nigeria cotton textile and Garment Association and other stakeholders to support the revitalization of the cotton textile industry. He told the media that support for cotton cultivation and ginning needs at least 50 billion billion dollars ($163 million), and if the textile industry and clothing industry are needed, the entire industry chain needs more than 100 billion (326 million dollars) support. These funds can help factories purchase modern technology and update modern equipment, so that they can produce high-quality products needed by the market, thus enhancing control over the whole cotton spinning industry chain, creating employment opportunities and revitalizing the domestic economy. In addition, he said the Central Bank supported the federal government's policy of closing land borders to combat smuggling.