FG urged to exploit N100bn cotton fund

The committee on the Resuscitation of Cotton, Textile and Garments (CTG) recently inaugurated by the Federal Ministry of Agriculture on the directive of President Mohammadu Buhari, recommended the injection of N37.20 billion in the sector. In doing so, the committee asked the federal government to exploit the existing N100 billion CTG fund domiciled with the […]

The committee on the Resuscitation of Cotton, Textile and Garments (CTG) recently inaugurated by the Federal Ministry of Agriculture on the directive of President Mohammadu Buhari, recommended the injection of N37.20 billion in the sector.
In doing so, the committee asked the federal government to exploit the existing N100 billion CTG fund domiciled with the Bank of Industry, which has now been converted to equity.
The final report which was submitted to the permanent secretary of the ministry, Sonny Echono, on behalf of the President in Abuja, suggested that the money should be spent between 2016 and 2019.
Chairman of the committee, Chief Damilola Eniaiyeju, said the money will support as working capital/retooling of operational textile mills and revives 80 mills and 23 ginneries that shut down operations.
Chief Eniaiyeju said the proposed N37.20 billion should be used to support all sections of the cotton, textile and garments sector.
The committee in its recommendations, also asked the federal government to improve the production of cotton through financial support to the Institute for Agricultural Research (IAR) of Ahmadu Bello University to enable it upgrade its facilities and builds the capacity of its staff.
It also recommended financial support for the National Biotechnology Development Agency (NABDA) to enable it deploy Biotechnology (BT) Cotton at confined fields at trial level while Introgression of BT Protein in existing varieties as well as productions of double haploid cotton, should be done by the Institute for Agricultural Research.
On cotton seed multiplication and seed supply, the committee recommended a virile and systematic breeder foundation and certified seed regeneration system, while mandating the National Agricultural Seed Council to always certify and regulate the cotton seed industry.