‘Lack of finance killed 130 textile units in Nigeria’!

 

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 social unrest.

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 unemployment.

 

 

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