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CBN moves to revive textile industry, stop capital flight

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By Davies Iheamnachor

PORT HARCOURT— The Central Bank of Nigeria, CBN, has said its target is to revive the nation’s textile industry as well stop all form of capital flight through the importations fabrics.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

The financial body also disclosed that it would commence the harvesting of its cotton from October, adding that it would be processed into fabrics locally.

Director of Finance and Development, CBN, Dr. Mudushir Olaitan, made this disclosure in Port Harcourt, Rivers State, yesterday, while unveiling, Buhpalo Xirea Apparel, an indigenous safety garment firm.

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Olaitan said the vision of the Governor of CBN was to develop the people and grow the economy, adding that Buphalo Company stands in the vision of CBN.

Olaitan who was represented by Tinuola Bademosi, Assistance Director, of Finance Development, said: “The company has done well. This is the kind of company we want in this country now that most of the companies are moribund.

“A lot of people are unemployed in this country. The vision of President Muhammadu Bahari and the Governor of CBN is industrialisation. We believe in developing people and growing the economy of the country.

“We don’t want our nation to become a dumping ground where they will be importing and dumping palm oil, toothpick and other smaller things. Nigeria most grown and get back her past glorious days. That is our dream and we will ensure there is no importation again.

“We are growing cotton in the North and by October,  we will start the harvest and it will improve the textile industry in great measure. We imported seed for that purpose  because the attention is on revamping the textile industry. Any moment from now, you will see that our textile and garment industry will be working.”

However, Director of Buphalo, Obinna Emeh, noted that the products made at in the firm are of international standard.


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