The Central Bank of Nigeria set-up the Textile Revival and Implementation Committee

 

The Central Bank of Nigeria (CBN) has set up the Textile Revival and Implementation Committee (TRIC) to revive at least 50 textile companies across the country by 2023, the committee would have the responsibility of resuscitating the country’s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters as Nigeria loses over $2bn annually to textile smuggling.

The CBN would partner with the Nigerian Customs Service to curb smuggling of textile goods; ensure general reduction of cost of doing business by eliminating multiple taxation; as well as ensure zero per cent duty for machineries needed by the textile industry and CBN has engaged 100,000 cotton farmers to cultivate 100,000 hectares of cotton for the 2019 season.

To revive the country’s cotton, textile and garment industry that would boost the local economy and create millions of jobs. Nigeria remains a big market for the textile industry but currently, the Nigeria cotton/textile industry is the third largest in Africa, next only to Egypt and South Africa, to reclaim this industry from smugglers the government should be ready to fight economic saboteurs because the Nigerian market has been flooded with imported textiles for many years.

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