Otunba Adeniyi Adebayo, Minister of industry, trade and investment, has expressed the determination of the federal government to address the challenges facing the Nigerian cotton industry in creating jobs for the teeming unemployed youths.
Addressing a delegation of the National Cotton Association of Nigeria (NACOTAN), the minister noted, the cotton industry has the capacity to transform Nigeria's rural economy and revive the textile and garment industries by creating over 2 million jobs, improve internal revenue across three tiers of government, reduce $4.0 billion import bill incurred annually on textile and apparel, earn foreign exchange and make Nigeria a global player in textile and apparel. workforce of less than 20,000 people.
Anibe Achimugu, President, Nacotan added, revival of the sector would not only help to take youths off the streets but also help to address youth restiveness, banditry, drug abuse and emigration issues. The prevailing global economic development called for a wider and more sustained approach to dealing with the challenges in the industry, Achimugu added.
He called on the minister to prevail on the Bank of Industry/Leasing Company of Nigeria for special intervention for the cotton industry.
He also sought the support of the minister for the payment of Nigeria's assessment to the International Cotton Advisory Committee (ICAC) for the periods of 2020-2021 and 2021-2022, which he put at $58,500.
