CBN gives loans to cotton growers

The Central Bank of Nigeria has introduced its cotton anchor borrowers project in a bid to boost economic powers of actors in the textile industry.

With this, loans will be given to cotton gainers and spinners to pay farmers for better textile products.

The CBN governor, Godwin Emefiele at a stakeholder meeting in Abuja said the project which would involve all the chains of business is to help resuscitate the industry.

This development is coming few days after the Apex bank banned forex for textile and related products.

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