FG approves establishment of Textile Development Board, $90b Agribusiness, Livestock Development Plan

The National Economic Council (NEC) has approved the establishment of a Cotton, Textile, and Garment Development Board, alongside new strategies for agribusiness expansion and livestock transformation initiatives to reposition Nigeria’s economy and tackle insecurity at its roots.

The initiative is projected to generate up to $90 billion in economic value by 2035.

Senior Special Assistant to the President on Media & Communications (Office of the Vice President), Stanley Nkwocha, in a statement, stated that the CTGDB would be domiciled in the Presidency and funded from the Textile Import Levy being collected by the Nigeria Customs Service (NCS).

The meeting, which was chaired by Vice President Kashim Shettima, and was attended by governors of the 36 states of the federation, also approved the establishment of the Green Imperative Project (GIP) national office in Abuja and regional offices across the six geopolitical zones to address the crises fuelled by the current system of animal husbandry in the country.

Other members of the board would be representatives of the six geo-political zones as well as the ministers of Agriculture and Food Security, the Minister of Budget and Economic Planning, and the Minister of Industry, Trade and Investment.

Other initiatives approved by the council included the establishment of the Green Imperative Project (GIP) national office in Abuja, with regional offices across the six geopolitical zones, as well as measures to address the crises fuelled by the current system of animal husbandry in the country.

Shettima said that the establishment of a CTGDB aligned with the economic revival agenda of President Bola Ahmed Tinubu, and would resuscitate a sector that once clothed the people and powered the nation’s economy.

He said, “Nigeria is a nation where cotton can thrive in 34 states. Yet our production level remains a fraction of our potential. We currently produce only 13,000 metric tons, while we continue to import textiles worth hundreds of millions of dollars. This is not just an economic imbalance. It is an invitation to act. Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialise, to empower communities, and to restore pride in local production.”

Other highlights of the NEC meeting included the Federal Ministry of Livestock Development’s (FMLD) presentation on, “Nigeria Livestock Growth Acceleration Strategy,” which is built on the National Livestock Transformation Plan (NLTP) (2018 – 2028) that is focused on modernising Nigeria’s livestock sector, with an emphasis on cattle ranching and peace building.