{"id":32027,"date":"2019-05-20T17:05:37","date_gmt":"2019-05-20T16:05:37","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=32027"},"modified":"2019-05-20T17:05:37","modified_gmt":"2019-05-20T16:05:37","slug":"cbn-sets-up-committee-to-revive-50-textile-firms-in-4-years","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-sets-up-committee-to-revive-50-textile-firms-in-4-years\/","title":{"rendered":"CBN Sets Up Committee To Revive 50 Textile Firms In 4-years"},"content":{"rendered":"

Following the earlier restriction of official forex supply to textile importers to boost local cotton\/textile production, the Central Bank of Nigeria (CBN) set up a committee for the revival of the country\u2019s cotton, textile and garment industry.<\/p>\n

While setting up the Textile Revival and Implementation Committee (TRIC) in Abuja, the Governor of the CBN, Godwin Emefiele said the target is to revive and set up at least 50 textile companies by 2023.<\/p>\n

\u201cNigeria remains a big market for textile industry.\u00a0 We need to reclaim this industry from smugglers. We need the support of customs and other authorities,\u201d Emefiele said. He said the committee would have the responsibility of resuscitating the country\u2019s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Emefiele said if this happen, the over $2 billion annual loses to textile smuggling will be reversed. He said the CBN would partner 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.<\/p>\n

Photo Caption: CBN Governor Godwin Emefiele<\/em><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Following the earlier restriction of official forex supply to textile importers to boost local cotton\/textile production, the Central Bank of Nigeria (CBN) set up a committee for the revival of the country\u2019s cotton, textile and garment industry.<\/p>\n","protected":false},"author":6,"featured_media":28725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[36,5626],"coauthors":[2391],"class_list":["post-32027","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-cbn","tag-textile-industry"],"yoast_head":"\nCBN Sets Up Committee To Revive 50 Textile Firms In 4-years - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/cbn-sets-up-committee-to-revive-50-textile-firms-in-4-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN Sets Up Committee To Revive 50 Textile Firms In 4-years - 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