CBN to expose names of individuals, companies involved in smuggling

Governor of the Central Bank of Nigeria, Godwin Emefiele says names of individuals and companies involved in smuggling and dumping textile materials into Nigeria will be published.

He spoke in Katsina during the official flag-off of the distribution of seeds and other inputs to 100,000 cotton farmers in Nigeria for the 2019 planting season under it’s Anchor Borrower programme.

Emefiele said: “With a population of over 190 million people, Nigeria clearly stands out as a virgin market that must be tapped. Your excellencies, if we are serious or determined in our drive to create jobs on a mass scale and reduce youth restiveness in Nigeria, the cotton, textiles and garments industry cannot be ignored.

“Consequently, the current trend where all our textile materials are imported from abroad must stop. It also means that, we must all join hands to fight and destroy all attempts by unscrupulous persons and companies to continue to smuggle and dump textile and garments into Nigeria.

“In considering the role which this sector plays in our economic development, we must not just consider the fact of productivity but also, we must view the sector from the standpoint that their existence helps in sustaining the vitality of the neighborhoods in which they operate.

“With the death of these industries, came a rise in unemployment, insecurity and other negative social vices. We must reverse this trend.

“In doing this, the CBN is currently gathering data about, and investigating the accounts of individuals and corporates currently involved in smuggling and dumping textile materials into Nigeria.

“This investigation is also being extended to the 42 other items restricted from FOREX in Nigeria. After our investigations, the names of these individuals and companies will be publicized and let me assure everyone that these individuals and companies will be blacklisted and all the banks in Nigeria shall be barred from conducting any banking business with the companies, their owners and top management.

“Today, Nigeria currently spends about $4billion annually on imported textiles and ready-made clothing. With a projected population of over 190 million Nigerians, the needs of the domestic market are huge and varied, with immense prospects for growth of the domestic textile industries.”