We Will Blacklist Bank Accounts Linked withTextile Smugglers, Other 43 Items, Warns CBN Governor
*Says Nigeria spends $4 billion annually on imported textiles
*As Navy arrests 28 smugglers, seizes 2,044 bags of rice
By Onyinye Apeh
In a move to check the activities of smugglers of textile materials, the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Monday warned that the apex bank will blacklist bank accounts linked with such illicit trade.
Emefiele warned corporate organizations and individuals who are smuggling textile materials to desist or they will be blacklisted in all the banks in Nigeria if found to be culpable.
The CBN Governor who spoke during the launching of distribution of cotton seeds and other inputs to 100,000 farmers in Katsina said the measure was to revive the country’s textiles and garments sector.
According to him, the target is to increase cotton production from 80,000 tonnes as produced last year to 300,000 tonnes in 2020.
Apart from smugglers of textiles, the same measure will be meted on smugglers of the 43 items that do not benefit from foreign exchange from the apex bank.
He said that Nigeria spends as much as $4 billion annually on imported textiles and ready-made clothing.
According to him, “ With a projected population of over 190 million Nigerians, the needs of the domestic market are huge and varied, with immense prospects for growth of the domestic textile industries.
“One quick example that highlights the potential of this local market, includes the need to support provision of uniforms and clothing apparels for students, military and paramilitary officers as well as workers in the industrial sector. In addition, when we consider the amount spent on outfits for religious and social events such as weddings, naming and funeral ceremonies on a weekly basis, the potential market size is well over $4 billion”.
He also said that the apex bank will continue to restrict forex allocation to importers on finished textiles and other 43 items on the list.
The CBN Governor opined that the seeds given to 100,000 farmers who have about 200,000 hectares of farmland will boost high grade production of textile materials.
He explained that Katsina was chosen because of its potential for leading cotton producing state.
Emefiele added, “If we are able to drive productivity gains in these sectors, it will undoubtedly translate to higher growth rate for the broader economy, result in increased rural incomes, and improvements in living standards for a majority of Nigerians,”
“With a population of over 190 million people, Nigeria clearly stands out as a virgin market that must be tapped. If we are serious or determined in our drive to create jobs on a mass scale and reduce youth restiveness in Nigeria, the cotton, textiles and garments industry cannot be ignored”.
Meanwhile, the Nigerian Navy has arrested 28 smugglers as well as seized 2,044 bags of rice in Akwa Ibom.
The arrest and seizures were recorded in one month by the Nigerian Navy, Forward Operating Base (FOB), Ibaka at Mbo Local Government Area of Akwa Ibom the state.
The Commanding Officer, FOB, Ibaka, Captain Toritseju Vincent said this was during various operations between April 3 and May.
Both suspects and materials were handed over to the
Controller, Eastern Marine Command, Nigeria Customs Service (NCS), Port Harcourt.
They were received by the Assistant Controller, Ali Garko on behalf of the Controller.
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