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.
EU Offers ECOWAS 1bn Euros Development Assistance
NEC Approves N100bn For National Livestock Transformation Plan
Confluence Rice Mill: ‘Attestation Of Gov Bello’s Desired Industrial Revolution, Economic Revitalization For Kogi’
Edo Govt, Thrive Agric, MADE Train 1000 Bee Farmers
Lagos Okays Continuity Of RTEAN Executives
Indian IGP Calls For Proper Equipment Of Police To Tackle Insecurity
43 Years Old Man Rapes Minor In Ogun
COVER STORIES21 hours ago
N3bn Contract Scam: PMB Suspends Head Of Service, Oyo-Ita
COVER STORIES21 hours ago
38 New SANs Take Oath Monday
NEWS7 hours ago
Gov Bello Congratulates New Acting HoS Yemi-Esan
NEWS20 hours ago
Kogi Guber: PDP Crisis Deepens As Ibrahim Heads To Court
RELIGION4 hours ago
For The Hate Of Buhari (2)
COVER STORIES22 hours ago
Nigerian Mission In Jo’burg Denies Extorting Returnees
NEWS12 hours ago
Osinbajo Presides Over NEC Meeting
OPINION20 hours ago
General Buratai And Onwubiko’s Confession Before Damascus