CBN approves N19bn for nine cotton plants’ revival

The Central Bank of Nigeria, CBN, has approved a fresh loan of N19.18 billion to nine cotton producing firms with a view to retooling their processing plants.

The CBN Governor, Godwin Emefiele, disclosed this on Tuesday, at the signing of two Memoranda of Understanding (MoU), held at the Bank’s headquarters in Abuja.

The apex bank has also set aside the sum of N500 million to recycle old naira notes being mopped-up from the Deposit Money Banks across the country.

Hr said the N19.18bn would be disbursed at a single-digit interest rate.

The funds, according to him, which is to be provided them at single digit interest rate, will help to sustain their operations and improve their production capacity.

He said the same support would be extended to the textile and garment firms.

To effectively revive the sector, the CBN governor further said the bank had constituted a Textile Revival Implementation Committee comprising the CBN, Federal Ministries of Agriculture and Rural Development; Water Resources; Industry, Trade and Investment; and the governments of Kano, Kaduna, Katsina, Gombe and Zamfara States.

Meanwhile, the apex bank says it has set aside N500m to recycle old naira notes being mopped up from the Deposit Money Banks across the country.

It will also use part of the funds for the recycling of other hazardous electronic materials that constitute danger to the environment.

Related posts

Leave a Reply