Nigeria (CBN) has placed a restriction order on access to FOREX
meant for import of textile products.
this on Tuesday in Abuja during a stakeholders meeting with textile manufacturers and cotton farmers.
immediate effect, therefore making the list of restricted items for Forex
access to 44.
industry dealing with textile products, considering that Nigerians currently spend over $4 billion annually on imported textiles and ready-made
population of over 180 million Nigerians and the need for provision of uniforms
and clothing apparels for school students, military and paramilitary officers
as well as workers in the industrial sector, a protected local market would create jobs and grow the domestic
importer of textile material access to FX in the Nigerian foreign exchange
market. In addition, we shall adopt a range of other strategies that will make
it difficult for recalcitrant smugglers to operate banking business in Nigeria.”
hard to revive the textile industry, which is projected to earn about $10
billion annually, and used to consume cotton
produced by at least 600,000 local farmers across 30 states of the country’s 36
Textile Industry (I.T.I), Texlon, Aba Textiles, Asaba Textile Mills Ltd, Enpee
and Aswani Mills, Emefiele listed the following policy framework and action:
members of the textile industry to become fresh facility;
refit, retool and upgrade their factories in order to produce high-quality
textile materials for the local and export market;
in textile factories, with a caveat that such importers shall begin sourcing
all their cotton needs locally beginning from 2020; and
of cotton to enable them to meet the needs of the industries in Nigeria.
in order to ensure that yields from local cotton farmers meet global