CBN, NIGERIA UNIFORMED SERVICES AND THE COTTON/TEXTILES/GARMENT INDUSTRY ASSOCIATIONS SIGN MILESTONE MEMORANDUM OF UNDERSTANDING

On Tuesday the 29th of October 2019, the CBN headquarters was a beehive of activities as it was about to witness what turned out to be one of the greatest acts by the federal government that would change the face of the textile industries and the Nigeria economy at large. ArewaCotton was there to witness the realization of a long-time pursuit.

By Federal Executive Order 003, all uniformed services in Nigeria (Armed forces of Nigeria, Nigeria police, Paramilitary institutions and National youth service corps) ably represented alongside representatives of the Nigeria textiles manufacturers association signed a memorandum of understanding “MoU” that would see all uniformed services give preference to purchases of their uniform requirements from local Nigerian textiles/Garment companies. This will Increase demand on locally manufactured fabrics, hence increasing required factors of production, i.e. Land, Labor, Capital etc by the Textiles.

In addition an “MoU” was also signed between the National Cotton Association of Nigeria (NACOTAN) and Ginning companies, to warranty steady off-take and processing of cotton to meet the demand needs of the textiles.

Speaking at the event in Abuja, the CBN Governor Mr. Godwin Emefiele expressed utmost joy that all stakeholders had keyed into the vision of President Muhammadu Buhari to grow and develop Nigeria’s agricultural sector and the wider economy.

The event was also attended by four state Governors (Kaduna, Cross River, Gombe and Katsina states), two Ministers and Service Chiefs as well as Heads of Uniformed Services and Labour Leaders, being the result of painstaking activities spanning almost two years and consultations with key stakeholders in the CTG value chain.

While the CBN continued its efforts working in collaboration with other agencies to revamp the sector, Mr. Emefiele urged participants to participate closely in ensuring the patronage of local textiles and garment factories by their purchases of uniforms.

To warranty conformity with quality and security, he assured that the CBN would work with the security agencies alongside concerned textile and garment factories to make sure the finished products as well as wastes are treated as currency with highest level of security until they are delivered to the reach of the right clients or disposed accordingly.

Mr. Emefiele further expressed confidence that the signing of the MoU would resuscitate the CTG sector as well as support the Bank’s effort at creating jobs for many Nigerians.

In the various remarks of the attendee, the Governor Gombe state Alhaji Muhammad Inuwa Yahaya, Governor of Cross River state, Prof. Ben Ayade as well as the Deputy Governor of Katsina state, Mannir Yakubu concurred in describing the CBN initiative as the revolution which should be supported by all to ensure the country achieves its aim and objective of completely resuscitating the CTG sector.

In addition, the Minister of Interior, Rauf Aregbesola stressed the need for all Nigerians to be in support for every move aimed at conserving foreign exchange for the country, for the overall benefit of the economy. The major point of the event was the signing of the MoU between the National Cotton Association of Nigeria (NACOTAN) and Ginners and between Nigeria Uniformed Services and Textile and Garment Factories.

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