THE General Secretary of National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), Comrade Issa Aremu has commended the Central Bank of Nigeria (CBN) for the ban on sale of forex to importers of textiles into the Country.
The CBN had on Tuesday March 5, 2019 at its meeting with stakeholders in the Cotton, Textile, Garment value chain in Abuja listed all forms of textile materials among items prohibited from foreign exchange in the official windows.
The CBN also promised a financial intervention to textile manufacturers with the provision of funds at “single digits rate, to refit, retool and upgrade their factories to enable them produce high quality textile materials for the local and export market.”
Aremu, who is a NEC member of the Nigeria Labour Congress (NLC),
observed that more than ever, the CBN has commendably financed development in Nigeria, citing anchor rice borrowers scheme that has improved rice sufficiency in the country.
In a statement signed by the NUTGTWN general Secretary, he observed that smuggling and wholesale importation of textiles contributed to the closure of many textile industries in the past.
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He equated smuggling to what he called “economic terrorism” adding that the new initiative of the CBN would boost local production, create jobs and lessen pressure on forex if fully implemented.
He said the NUTGTWN salutes the creativity of CBN on the dollars restrictions on some goods Nigeria could produce at home including Textiles.
The CBN Governor had said the decision was critical towards reviving the moribund sector and creating jobs for Nigerians. The apex bank governor disclosed that the country currently spends over $4 billion annually on imported textiles and ready-made clothing which is unacceptable.
The CBN governor also said the CBN would craft adequate measures to deal with the menace of smuggling, which had often threatened efforts towards self-sufficiency.
He warned all Forex dealers in the country to desist from granting any importer of textile material access to foreign currency in the Nigerian foreign exchange market.
Comrade Aremu commended the CBN for all the creative measures to stimulate domestic production, put a stop to factory closures and create new jobs, pointing out that as a developing economy Nigeria needs creative monetary policies and development financing that could boost industrialization.
He called on the Federal Government to complement the development financing of the CBN through fiscal, industrial and labour market policies to reinvent Nigerian economy and ensure sustainable decent jobs for the youths.
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