620,000 jobs created as CBN disburses N44b to CTG sector

By AdvocateNews on 02/06/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 506


Over 620,000 direct and indirect jobs were created in two years as a result of the Central Bank of Nigeria’s (CBN’s) intervention in the Cotton, Textile and Garment (CTG) sector.

CBN Governor Godwin Emefiele made this known in Abuja on Tuesday during a stakeholders’ engagement for the resuscitation of the CTG sector.

Emefiele said the jobs were created through some measures targeted at improving the fortunes of operators in the of CTG sector while working to stop the smuggling and dumping of textile materials in the country.

These measures, he said, include “disbursing over N44 billion between 2019 and 2020 across the value chain and monitoring recovery over the period.

CBN also increased industry capacity of ginneries from an average of 19 per cent to 51 per cent; the textile sector getting 100 per cent of their major raw material (cotton lint) at a CBN-subsidised rate of N440,000 as against the market price of N593,000; engaging uniformed services to start patronising made-in-Nigeria textiles for their uniform and ensuring that the garment industry received orders for production of uniforms and cotton harvest bags.

The governor, who was represented by the Deputy Governor, Corporate Services Directorate, Mr. Edward Lametek Adamu, also said: “The CBN’s engagement with uniformed services has led to at least five agencies partnering with local textile manufacturers.”

This is in addition to the CBN supporting “the textile companies in the last two to three years, leading to the revival of some previously moribund companies”.

For this wet season, Emefiele said the apex bank was working with  prime anchors for 10,000 hectares of land with an estimated output of 20,000 metric tons while they would be working with associations to cultivate about 80,000 hectares of land with an average output of 120,000mt at 1.5mt per hectare.

Posted 02/06/2021 06:49:30 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
I’m honoured you chose me, Biden thanks Americans...

Senate proposes 15-year jail term for ransom payment...

Unemployment one of Nigeria’s greatest problems, says senator...

NFIU submits report on Magu’s forex transactions to...

SEED OF DESTINY TODAY -- LIVING IN ETERNITY...

Court restrains Enugu health workers from embarking on...

Trader-Moni is vote-buying, lacks budgetary backing, Atiku replies...

Nigeria records 170 new COVID-19 cases, total now...

COVID-19: 10 Nigerians awaiting evacuation from UK test...

You don’t need license to establish solar power...

Pastor arrested for possession of six rifles

Appeal Court reaffirms Oyetola as Osun governor

 

Latest News EFCC Chairman uncovers ‘grand plan’ to tarnish his image Water project not for profit-making, says Bello’s wife Security operatives intercept bags containing foreign currencies at Kano Airport IMF says Nigeria’s economy ‘gradually’ recovering, expresses concerns over unemployment, inflation SEEDS OF DESTINY 18 JUNE 2021 – PRESERVED BY HIS POWER Ohanaeze, PANDEF demand review of polling units distribution Buhari visits Maiduguri, tells security agents not to give terrorists breathing space Nnamdi Kanu declared wanted, N100m bounty placed on him Wike slams APC on plot to regulate social media 73,000 Refugees, Asylum seekers from China, Palestine, Lebanon, 14 other Countries invade Nigeri N25.7bn fraud: Don’t jail me, ex-Bank PHB MD begs judge How ex-MD, financial officer defrauded Bank PHB N25.7bn – judge

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (116,724 views) Ebonyi bans embalming of corpses in homes (107,562 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (107,561 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (107,561 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (107,561 views) Sickle cell support group seeks government intervention (107,560 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (107,556 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (107,396 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (105,396 views) ASUU strike: Senate intervention ends in deadlock (103,903 views) All you need to know about Peter Obi, PDP VP Candidate (84,712 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (82,691 views)

 

 

SECTIONS FAITH (133) EDITORIAL (17) NEWS (5,665) POLITICS (486) SOCIETY (125) SPORTS (47) BUSINESS (355) HEALTH (53) EDUCATION (44) INTERNATIONAL (158) ENTERTAINMENT (38) TECHNOLOGY (1) COLUMNISTS (57) LETTERS (3) OPINION (34)

 

 


There are no video entries posted yet.