Minister expresses disappointment over cotton productivity

 The minister, Federal Ministry of Investment, Trade and Industry (FMITI),  Otunba Adeniyi Adebayo has expressed his unhappiness over the performance of the Central Bank of Nigeria (CBN) loans given to resuscitate the cotton value chains between 2017-2019 back to its state of glory as it was in the 60s.  This was disclosed during the 1st Nigeria International Cotton Summit and Expo 2023 held in Abuja with the theme “Revamping the Cotton Value Chain”

Otunba Adebayo who was ably represented by the Director, FMITI industrial development department, Mr. Adewale Bakare expressed the need to reawaken the country’s textile industry from total collapse through turning Nigeria to a dumping ground, saying this was why the ministry had to facilitate the CBN intervention fund for the development of cotton value chains towards returning the sub sector to her famous bride among the producing countries in Africa.

He expressed concern on why the government intervention has not positively impacted in our cotton production as one time African leader between 1960-1970, pointing it was disheartening to know that Nigeria is not ranked among the top 10 cotton producing countries in the world with declining production from 602,440 metric tons in 2010 to 51,000 given by United State - Organization for Economic Cooperation and Development (OECD) and FAO.

The minister went further to say that the  aim of resuscitating and returning the textile industry back to its old glorious days of creating jobs, achieving self-sufficiency in cotton production, eradicating smuggling and dumping of textile goods had resulted to the financing of over 320,000 farmers between 2018 to 2020.

He however promised the FG’s commitment to cotton subsector just as the ministry would not relent in providing the enabling environment for competitiveness of Nigerian industries both locally and internationally.

The Permanent Secretary (PS) Mrs.  Ngige who was represented by the Director, Commodities and Export Department in the Ministry, Mr. Kaura Iriyime said that ‘’the summit is being put together by the National Cotton Association of Nigeria (NACOTAN) in collaboration with the Ministry to celebrate the achievements, particularly the impact of the Association in developing the sector as well as to highlight the giant strides of the government to consolidate on the achievements recorded by the sector.

 It may interest you to note that this event is organized to enable them prove to the whole world the sincerity of Government of Nigeria as a support base for the private sector to thrive, it is therefore my firm expectation that the event which is expected to further lead to a better and deeper win-win co-operation among the stakeholders which will bring more mutual benefits and common development with significant outcomes of more employment generation and wealth creation in the cotton sector”

Speaking, Mr. Anibe Achimugu, the National President, NACOTAN applauded the CBN interventions for cotton and textile value chains saying that ‘’ The interventions have made it possible for us to increase production from 80,000 metric tons to 133,000 metric tons and also increase the number of factories in operation from seven to twenty-three. Due to the impact of these interventions, our membership has increased from 67,000 in 2019 to 200,000 as of 2022 while the cotton value chain experienced an increase in export value from $31m in 2010 to $64m as at November 2022”

Achimugu stressed further that the Executive Order 003 by President Muhammadu Buhari had mandated the military to patronise local textiles in the production of their uniforms adding the decision has also contributed to growth of the sub sector of cotton and textile.