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Aremu Hails CBN’s Ban On Forex Sale To Textiles Importers

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The General Secretary of National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN), Comrade Issa  Aremu has applauded the Central Bank of Nigeria (CBN) for the recent ban on sale of forex to importers of textiles into the country.

The Central Bank of Nigeria at its meeting with stakeholders in the Cotton, Textile, Garment value chain in Abuja on Tuesday March 5th, 2019 listed all forms of textile materials among items prohibited from foreign exchange in  the official windows.

The CBN also promised a financial intervention to textile manufacturers with the provision of funds at “single digits rate, to refit, retool and upgrade their factories to enable them produce high quality textile materials for the local and export market.”

Aremu, in a statement issued in Ilorin, observed that more than ever, the CBN has commendably financed development in Nigeria under the leadership of Mr Godwin Emefiele citing anchor rice borrowers scheme that has improved rice sufficiency in the country.

He observed that smuggling and wholesale importation of textiles contributed to the closure of many textile industries in the past.

He equated smuggling to what he called “economic terrorism”, adding that the new initiative of the CBN Governor would boost local production, create jobs and lessen pressure on forex, if fully implemented.

Aremu hailed the creativity of CBN on the dollars restrictions on some goods Nigeria could produce at home, including Textiles.

He commended the CBN for all the creative measures it initiated to stimulate domestic production, put a stop to factory closures and create new jobs, pointing out that as a developing economy Nigeria needs creative monetary policies and development financing that could boost industrialisation.

He called on the federal government to complement the development financing  of the CBN through fiscal, industrial and labour market policies to reinvent Nigerian economy and ensure sustainable decent jobs for the youths.

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