As Masari laments

Mr. Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN), has decided to turn the heat on smugglers of Textile materials and their accomplices such as banks and corporate bodies found to be encouraging the practice in the country.

The CBN Governor, Mr. Godwin Emefiele stated this  at the official flag off of the distribution of seeds and other inputs to cotton farmers in Katsina state for the 2019 planting season, under the auspices of the National Cotton Association of Nigeria.

Emefiele lamented the country’s annual loss of more than $2.2 billion or over N790 billion to the smuggling of textile goods and called on stakeholders to work at reversing the trend.

He described the flag off as a milestone event in collaboration with the Federal Ministry of Agriculture and Rural Development (FMARD),  to revive Nigeria’s Cotton, Textiles and Garments Sector.

According to the CBN governor,  “I believed that the Central Bank ought to play a more important role in supporting Nigeria’s economic development, given the constraints faced by rural farmers, SMES and Manufacturing companies. More importantly, we believe that CBN’s intervention which is aimed at import substitution will help in conserving scarce foreign exchange for Nigeria”.

He maintained that President Muhammadu Buhari placed considerable emphasis on addressing impediments to the growth of Nigeria’s Agricultural and manufacturing sectors, as both sectors represent over 52% of Nigeria’s GDP.

Emefiele also announced that the Apex bank is gathering data and investigating the accounts of individuals and corporate bodies currently involved in or encouraging smuggling and dumping of imported textile materials in the country.

Emefiele revealed that the investigation would be extended to the 42 other items restricted from FOREX in Nigeria, and that names of individuals and companies found wanting would be publicized and blacklisted.

The Governor of Katsina State, Aminu Bello Masari, on his part disclosed that the state formerly produced about 65% of the total quantity of cotton produced in the country.

In Masari’s words “the decline of agricultural produce including cotton over the years in Katsina state has been a source of concern to this administration because the glorious days of cotton production had provided employment to our populace”

He said the state government will continue to provide the needed incentive to Agriculture including funding infrastructure and farming inputs.