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BoI provides N100bn for cotton production

By on January 6, 2015

The Federal Ministry of Agriculture and Rural Development on Sunday said that the cotton subsector had received N100bn from the Bank of Industry through the Growth Enhancement Support scheme on the Cotton, Textile and Garments Funds.

According to the ministry, the bank supported cotton farmers, ginners and textile mills by funding their activities, adding that about 38 companies were fully repositioned through the GES scheme.

A statement from the FMARD noted that out of the N100bn, N75bn had been approved and committed to the CTG businesses across the country.

It added that four improved varieties of cotton seeds, which included Samcot 8, Samcot 9, Samcot 10 and Samcot 11, were promoted in 2012; while in 2014, six varieties of cotton seeds were developed by the Institute for Agricultural Research, Ahmadu Bello University, Zaria.

It outlined the six varieties as Samcot 8 and 13 for the North-East, Samcot 9 and 12 for the North-West, Samcot 10 for the North Central, Samcot 11 for the South-West.

“To further boost production, the government also distributed free cotton seeds to 36,000 farmers, a total of 1,506.39 tonnes in the North-West and North-East, cultivating an estimated 75,000 hectares in 2012,” the statement added.

It further stated that in 2014, about 2,385.38 metric tonnes of certified seeds were distributed to 110,370 farmers in the North-East, North-West, and North Central under the GES scheme.

 

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