Why CBN Freezes Account Of 15 Textile Smugglers

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Edward Lametek Adamu, deputy governor, corporate services, CBN

In line with its zero tolerance stance on trade breaches, the Central Bank of Nigeria (CBN) on Thursday 15, October 2020, said it has frozen bank accounts of 15 textile smugglers to serve as a deterrent to others flagrantly bringing contraband. 

This was as the bank said it has committed N120 billion to the Cotton, Textile and Garments (CTG) value chain. 

The CBN Deputy Governor, Corporate Services Directorate, Mr. Edward Lamatek Adamu, who made the disclosure at a meeting of cotton and garment value chain stakeholders in Abuja said the decision was meant to atone for their atrocities, while urging the undisclosed smugglers to patronise local textile firms to grow the economy.

CBN’s action draws inspiration from Federal Government’s Executive Order 003, which aims to support local content in public procurement. It expressly states that all Ministries, Departments and Agencies (MDAs) shall grant preference to local manufacturers of goods and service providers, in their procurement of goods and services.

Adamu pointed out that the CBN was determined to revamp and restore the textile sector to its pre-eminent position, describing it as one of the pillars of the nation’s economy. According to him, over 320,000 farmers had been financed by the CBN between 2018-2020.

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