Nigeria’s cotton market has witnessed a marginal rebound almost two years after the Central Bank of Nigeria blocked traders from having official access to forex for the importation of textiles into the country.
The volume of production and consumption of cotton in the country rose by at least 7.5 per cent in 2020 after the figures dipped in 2019, according to data from the United States Department Of Agriculture (USDA), analysed by PREMIUM TIMES.
The rise was a far cry from figures recorded between 2006 and 2011.
In 2006, cotton production reached 1.8 million tonnes while consumption stood at 1.7 million tonnes, the data show. Both fell to 920,000 metric tonnes and 690,000 metric tonnes respectively by 2014.
By 2019, when the CBN restricted foreign exchange for textile products imports in a bid to revive the local fabric production industry, Nigeria’s cotton production stood at 920,000 metric tonnes while consumption stood at 805,000 metric tonnes.
In 2020, a year after, production surged to 1.6 million metric tonnes while consumption jumped to 989,000 metric tonnes.
Farmers say the restriction has helped their businesses in many ways.
Credit: premiumtimesng.com
The post Cotton market sees rebound after textile forex ban appeared first on The Chronicle Online.
Read Full Story
Facebook
Twitter
Pinterest
Instagram
Google+
YouTube
LinkedIn
RSS