Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has been commended for initiating for reaching reforms to stimulate the nation’s economic recovery and growth. This commendation was made by the Minister of Agriculture and Rural Development Mr. Audu Ogbeh, Governors of Katsina and Kano states as well as Stakeholders in cotton industry at the flag-off of seeds and inputs distribution to cotton farmers for 2019 season in Katsina.
Audu Ogbe stated that Emefiele’s initiative indeed helped Nigeria to escape the economic crisis that would have been worse than the situation in Venezuela today, adding that “it is one of the greatest things that has ever happened in this country in the last 40 years, I am in the position to say so because I have been around in the system”. The Minister reiterated that revival of the cotton industry remains imperative to stem the collapse of the industry and it’s implication for the economy in terms of job loss and taxes.
Earlier in his address, the CBN Governor stated that the apex bank’s move was to revive the moribund cotton industry, textile and garments sector by increasing cotton production from the current 80,000 to 300,000 tonnes by 2020 which he said is set to be achieved through extensive training programme on proper farming techniques at least to boost production of high grade cotton lint.
Emefiele lamented that some years back Nigeria was a home to 180 textiles industry with about 450,000 men in employment but today we import ready made cloth of 4 billion dollar (N1.23 trillion) annually. In his remarks, Katsina State Governor Aminu Bello Masari maintained that agriculture was the next sector the state accorded priority after education and emphasized that “the biggest and the quickest way of solving unemployment in the country revolves around the revival of our textiles industry”. He urged the CBN to further review procedures for accessing loan facilities by farmers under the Anchor Borrowers scheme.
Also the Governor of Kano State Abdullahi Umar Ganduje in his goodwill message also noted that every step in the value chain of cotton industry is very important and reiterated that ”we could not afford to miss’. He therefore urged the CBN to ensure the development at all steps of the chain from lint up to garment. Meanwhile President Muhammadu Buhari has re-appointed Mr. Godwin Emefiele as the CBN Governor.
In a letter to the Nigerian Senate, the President noted that having completed his first term in office Emefiele was nominated for confirmation of the senate for the second term. With this development, he has become the first Governor of the apex bank to get a two-term mandate since the return to civil rule in 1999. Emefiele was first appointed into the office by President Goodluck Jonathan in 2014.
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