FG to partner ICAC to revamp cotton industry, targets 1.4m jobs

The federal government says it has commenced the revitalisation of Nigeria’s cotton industry by partnering International Cotton Advisory Committee (ICAC).

Speaking during a meeting with ICAC delegates led by Eric Trachtenberg, the committee’s executive director, on Tuesday, Vice-President Kashim Shettima, said the project will focus on developing key components of the cotton value chain.

The value chain comprises farming, weaving, ginning and linking of cotton.

Shettima said the project which will create over 1.4 million jobs annually in the cotton/textile sector, is in line with President Bola Tinubu’s industrialisation drive.

He also urged stakeholders to come up with a roadmap for the revitalisation of the cotton and textile sector.

The vice-president assured the delegation that the administration would make conscious efforts to ensure the country harnesses opportunities in the cotton value chain.

This, according to him, will ensure that Nigeria regains its ICAC membership.

“Your diverse background in ICAC gives a nuanced understanding of the complexities and opportunities in the cotton value chain,” Shettima said.

In his remarks, Babajide Sanwo-Olu, governor of Lagos, said the state was well-positioned to harness opportunities in the cotton value chain.

Sanwo-Olu said Lagos, as an integral part of the chain in Nigeria, would support every effort to revamp the sector to enable the state to sustain its status as the largest fashion hub in the continent.

He lauded the federal government’s efforts aimed at resuscitating to create jobs and engender economic transformation.

The governor pledged the state’s readiness to offtake cotton produced in other parts of the country for companies based within Lagos.

On his part, Hope Uzodinma, governor of Imo state, said the meeting was part of Nigeria’s quest to revamp the textile industry and improve economic growth.

Uzodinma said Imo and the south-eastern region would key into the cotton and textile sector to create jobs for the people through the industrialisation of the country.

“The opportunity created by the meeting is a new beginning in our quest for industrial recovery and creation of jobs for our teeming youths as well as an opportunity for a new partnership,” he said.

Trachtenberg said he was pleased with the level of interest and commitment shown by the leadership of the country.

Citing examples from China, India, Pakistan and other parts of the world, the ICAC executive director said the potential in the cotton value chain was huge and has proven to be transformative.

He added that cotton and textiles offer a competitive advantage and economic transformation.

Trachtenberg said the ICAC would support Nigeria’s cotton value chain by offering expert advice on improving productivity and boosting the value chain as well as facilitating the investment.

PREVIOUS INTERVENTIONS MADE IN COTTON INDUSTRY 

The federal government has previously intervened in the development of the cotton and textile industry by providing financial and material support.

In 2019, the federal government through the Central Bank of Nigeria (CBN), approved N19.18 billion to revamp nine ginneries processing plants to boost cotton and textile production in Nigeria.

Former President Muhammadu Buhari also approved the distribution of seeds and other inputs to cotton farmers for the 2019 farming season.

In 2021, Godwin Emefiele, former governor of CBN, said a total of N44 billion has been disbursed to 200,000 cotton farmers since 2019 — as a way of revamping the industry.