Nigeria Will Invest $326 Million To Revitalize Cotton Textile Industry

According to media reports in Nigeria, Godwin Emefil, President of the Central Bank of Nigeria, signed a memorandum of understanding with the Nigeria cotton textile and clothing association and other stakeholders to support the revitalization of the cotton textile industry. He disclosed that support for cotton cultivation and ginning needs at least 50 billion billion dollars ($163 million) of funds, if coupled with the textile industry and clothing industry, the entire industry chain needs more than 100 billion (326 million dollars) support. These funds can help factories buy modern technology, update modern equipment, and enable them to produce high-quality products needed by the market, thereby enhancing control over the entire cotton textile industry chain, creating employment opportunities and revitalizing the domestic economy.