CBN Approves N19.2BN Fresh Cotton Loan, Applauds Border Closure

As part of efforts to revitalise the nation’s textile industries, the Central Bank of Nigeria has approved a fresh loan of N19.18bn to be disbursed at a single-digit interest rate to nine cotton and ginning producing firms. CBN Governor, Godwin Emefiele, who disclosed this at the signing of two memorandum of understanding in Abuja said the fund will help to sustain the operations as well as improve the companies production capacity adding that same support would be extended to the textile and garment firms.