CBN freezes 15 textile smugglers accounts October 15, 2020 in Business, News Update

CBN freezes 15 textile smugglers accounts October 15, 2020 in Business, News Update

The Central Bank of Nigeria (CBN) has frozen the accounts of 15 textile smugglers across the country.

Deputy Governor Corporate Services of the CBN Mr. Edward L. Adamu made this disclosure at a stakeholders meeting of Cotton, Textile and Garment (CTG) associations in Abuja on Thursday.

Adamu noted that CBN’s intervention in the Cotton, Textile and Garments (CTG) industry is in full swing and has recorded significant progress.

Some of the achievements, he said, include: over ₦120billion invested across CTG value chain; over 320,000 farmers financed between 2018-2020 and expected output for seed cotton in 2020 is projected to be over 300,000 metric tons.

All these, he said, is expected to enhance the production capacity of the ginneries in producing over 102,000 metric tons of cotton lint which in turn will meet and surpass the cotton lint requirement of the Textile Industries.

Currently, Nigeria’s domestic demand for cotton he said: “is met through local production, thereby halting importation of cotton for the textile industry, Increase in capacity utilization of ginneries as the ginneries now operate throughout the year, compared to six (6) months in recent past.”In addition, he said 19 ginneries have been resuscitated across the country; and more are expected to join this year.Speaking to journalists at the meeting Mr. Philip Yusuf Yila, Director Development Finance of the CBN, said the apex bank is “working with the textiles through the Bank of Industry to see how we can retool them and take the ginneries to the textile”

He revealed the “CBN is really collaboration with all the agencies and the Customs. The biggest challenge is people smuggling textiles and garments. As you are aware a lot of them have had their accounts blocked. As restitution, we are telling them to go patronize the local textile factories”.

With regards to uniform services patronizing local textiles, Yila stated the CBN is “working with them. We have taken them to all the textile companies to see that the quality meets their standard.

“This year we are looking at over 300,000 tonnes of seed cotton that will be ginned into lint that will be taken to the textile companies and then we will work with the uniformed services to off take them.”

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The Nation

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