FG To Revive 50 Textile Firms

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In a bid to revive the country's cotton, textile and garment industry, the Central Bank of Nigeria(CBN) has set up a Textile Revival and Implementation Committee (TRIC), which is saddled with the responsibility of reviving at least 50 textile firms by 2023.


This was made known yesterday after the committee was inaugurated by the CBN Governor, Mr. Godwin Emefiele in Abuja.


The committee which comprises of representatives from the apex bank, five cotton-producing states, federal ministries of water resources, finance and power, and Nigeria Custom service is expected to revive a minimum of 20 textile firms by the end of 2019 fiscal year.


Mr. Emefiele expressed dismay over the rate of textile smuggling noting that the country loses $2 billion annually. He added that the committee is also mandated to identify textile clusters and boost power supply to the firms.


The CBN Governor explained that the TRIC aid the Nigeria Customs to curb textile smuggling, reduce multiple taxations and ensure zero percent duty for machineries and equipment needed by the textile industry.


Some dignitaries present include Kano State Governor, Abdullah Ganduje, Kaduna State Deputy Governor, Bala Barnabas, and Jigawa State Deputy Governor, Ibrahim Hassan.