CBN and $316m Cotton Sector Intervention

The cotton value chain in Nigeria once created employment opportunities for well over 450,000 people and supported 180 textile mills.
A combination of sustained stream of policy somersaults if not failures blighted the glorious days of the 1970 and early 1980s with a devastating impact on the sector especially its capability to contribute to Gross Domestic Product (GDP).
 
Curiously, a once thriving local cotton and textile industry succumbed to the negative effect of the influx of cheap and heavily subsidised brands as the country became a dumping ground for textile materials of doubtful quality especially from Asia.
 
Cotton farmers, ginneries and textile factories with time fizzled out as a result of their inability to withstand the pressure from foreign competition made worse by the preference of Nigerians who had cultivated a taste for not just foreign textile products but also virtually every item including biscuits and apples…
 
More details through:
https://www.thisdaylive.com/index.php/2020/10/26/cbn-and-n120bn-cotton-sector-intervention/
​