He was speaking at the first Nigeria International Cotton Summit and Expo in Abuja organised by the association in collaboration with the ministry of industry, trade and investment. The summit’s theme was ‘revamping the cotton value chain’.
“The interventions of the CBN [Central Bank of Nigeria] in the cotton and textile value chain are the reason why we are here today. These interventions have made it possible for us to increase production from 80,000 metric tonnes to 1,33,000 metric tonnes and also increase the number of factories in operation from seven to 23,” he was quoted as saying by a Nigerian media report.
Due to government interventions, NACOTAN’s membership increased from 67,000 in 2019 to 200,000 in 2022, he said.
The executive order by President Muhammadu Buhari mandating the military to prefer domestic textiles in their uniforms was also a contributing factor to the growth of the cotton and textile sector, he added.
ALCHEMPro News Desk (DS)
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