CBN targets harvest of cotton in October as NCDMB boss lauds firm for investing in textile industry

The Central Bank of Nigeria (CBN) has concluded arrangements to commence harvesting its cotton plants in October this year.

Assistant Director, Department of Foreign Direct Investment (DFDI) at CBN, Bademosi Tinuola, disclosed this yesterday in Port Harcourt, Rivers State at the launch of Xirea Apparels Factory.

The factory serves as an independent brand, which produces garments, work protections and safety wears for the oil and gas industry and others.

Governor of CBN, Godwin Emefiele commenced distribution of cotton seeds to 100,000 farmers in Kastina State in May, with the aim of reviving the nation’s textile industry and provide jobs for Nigerians.

Tinuola said with the harvest, the country would hold sway in textile production, create a value chain in the production process, which would discourage importation of cotton and other textile materials into the country.

“Excessive importation has turned the country into a dumping ground, we are blessed in this country but most of our textile companies are moribund because of importation.

“But with President Muhammadu Buhari and Emefiele’s vision towards reviving the sector, growing the economy and developing the people, Nigeria will move forward again,” she stated.

Tinuola attributed the fall of the textile industry to lack of discipline, stressing that industry players preferred to receive peanuts from foreigners thereby growing their businesses and economy and bringing down those of their own people.

She commended the management of Xirea Apparels, for taking a bold step in producing world-class textile materials that could be accepted all over the world and expressed hope that soon, locally made items would be exported all over the world due to its quality.

Besides, Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Simbi Wabote, has commended the firm, saying he was happy when investors heed the board’s call for capacity development.

Wabote, who was represented by Director of Statistics at NCDMB, Patrick Ubah, noted that the factory would create 50,000 jobs in 10 years, adding that currently, the firm has employed over 4,000 Nigerians with 95 per cent being female.

Chairman of the firm, Obinna Eneh, said several opportunities are available in the country and urged Nigerians to think and invest more in the industry and other sectors.