‘Lack of finance killed 130 textile units in
Lack of finance has been instrumental in the extinction of nearly
130 textile companies in Nigeria in recent times.
This was confirmed by Godwin Emefiele, Governor, Central Bank of
Nigeria, or CBN, while speaking to Aminu Masari, Governor, Katsina
State over a phone call.
Emefiele said that the textile industry in Nigeria, at one point of
time, used to provide jobs to large number of labour. However,
increase in smuggling and lack of finance shut down over 130 textile
companies thereby causing unemployment.
He further added that apart from spinners and ginners, nearly 1
million cotton farmers too lost their jobs and this is also the
reason why there has been a surge in the cases of kidnapping and
Emefiele also stressed on revival of textile industry and said that
the revival process will yet again help creating job opportunities
for labour and the efforts should begin from Katsina State.
While applauding the efforts of CBN, Masari said that revival of
textile industry was the best way of resolving the issue of