Nigeria signs MoU with Germany, Pakistan on cotton
With the objective to explore the various investment opportunities in the cotton sector, the Memorandum mainly covers areas related to cotton farming, production, processing, and its value chain development.
On behalf of the Nigerian Government, Arewa Cotton, involved in ginning and selling cotton lint to Nigerian textile mills, would supervise and coordinate with Germany and Pakistan on developing a practical method of development of cotton and its entire value chain, BUSINESSDAY reported.
After finding out that a large sum of foreign exchange is spent every year in the imports of textiles and cotton materials in Nigeria, the Government of Nigeria has taken steps by entering into collaboration with Germany and Pakistan and has appointed Arewa Cotton to act as liaison between farmers and the Government.
With the inadequate cotton production in the country and the losses recorded because of the contamination by foreign matter which reduces the financial value of Nigerian cotton, the involvement of the Government of Nigeria with cotton under its Agricultural Transformation Agenda (ATA) controlled by Arewa Cotton, should yield useful results. ■