Otumba Adeniyi Adebayo, the Minister of Industry, Trade and Investment has expressed the Federal Government’s commitment to promoting the development of the cotton subsector of the economy.
Adebayo said this at the opening of the first Nigeria International Cotton Summit and Expo in Abuja.
Adewale Bakare, the Director of the Industrial Development Department in the ministry who represented Adebayo stressed the need to resuscitate the country’s textile industry.
He said that the ministry facilitated the Central Bank of Nigeria (CBN) intervention fund to the Cotton, Textile and Garment (CTG) sector as part of efforts to promote the development of the cotton sector of the economy.
“This is with the aim of resuscitating and returning the textile industry back to its old glory days of creating jobs, achieving self-sufficiency in cotton production.
“This which aimed at minimising and eradicating smuggling and dumping of textile goods and facilitating foreign exchange earnings, financed over 320,000 farmers between 2018 and 2020,’’ he said.
According to him, the ministry is committed to providing the enabling environment that would enhance the competitiveness of Nigerian industries both locally and internationally.
He expressed concern that Nigeria, which was Africa’s leading cotton producer during the 1960s and 1970s era, is now the 6th largest producer in Africa trailing behind Benin, Mali, Burkina Faso, Ivory Coast and Cameroon.
“It is, however, also disheartening to know that Nigeria is not ranked among the top 10 cotton-producing countries in the world.
“In 2010, total production was 602,440 metric tonnes, while production 10 years later (2020) stood at 51,000 metric tonnes according to OECD-FAO statistics.
“This calls for concern as this dangerous trend may continue if necessary interventions are not applied,’’ the minister said.
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